HomeMy WebLinkAbout875756Recording requested by:
WELLS FARGO BANK, N.A. "
When recorded return to:
0, Box 3 55:
B LLIN S, MT
DOCUMENT MANAGEMENT [B(}OKj~'~.,_PR PAGE 3 0 "i) '
-State of Wyomhtg . . 'Space Above Tiffs Lh~e For Recordh~g Data-
REFERENCE #: 20? '120B2~D00 ~ ~ ACCOUNT #: 0~4-~54- 103087E-000
C."~'
MORTGAGE
(With Future Advance Clause)
1. DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 0B /
and the parties, their addresses and tax idep!~!fication numbers, if required, are as follmvs:
MORTGAGOR
ROBERT L. MYERS AND JUDITH MYERS, HUSBAND AND WIFE, AS TENANTS BY THE
ENTI RET I ES
[] If checked, refer to the attached Addendr!m incorporated herein, for additional Mortgagors their signatures and
acknowledgments.
LENDER: WELLS FARGO BANK, N.A.
P, 0, BOX 31557
BILLINOS, MT 5910-1
2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency, 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:
LOT 15 OF FERTILE' ACRES SUBDIV!StON ACCORDING TO THAT PLAT RECORDED IN
THE OFFICE OF THE LINCOLN COUN'!Y CLERK, LINCOLN COUNTY, WYOMING.
The property is located in L I NCOLN at:
371 FLOYD DRIVE BEDFORD, w~'C°'~';;~'i~)3112
and parcel number of 3318-033-0101500 together with all rights, easements, appurtenances, royalties, mineral
rights, oil and gas rights, all water and ripari;m rights, ditches, and water stock and all existing and future ixnprovements,
structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all
referred to ~s "Property"). '
3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not
exceed $ 5~, 500.00 . This limitation of amount does not include interest and other fees and charges validly made
pursuant to this Security Instrument. Als% this limitation does not apply to advances made under the terms of this Security
Instrument to protect Lender's security and I:o perform any of the covenants contained in this Security Instrument.
4. sECURED DEBT AND FUT'U'RE ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of
debt dated 08 / 15 / 2001 together with all amendments, extensions, modifications and renewals, and having a
maturity date of 08 / 15 / 2031
B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made
on the date of this Security Instrum:nt. Nothing in this Security Agreement shall constitute a commitment to make
additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be
agreed to in a separate writing. ,,
EQ150A (3/2001)
C. Ail sums advanced and expenses incurred by Lender for insuring, preserving, or othen~ise protecting' the Property
and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security
Instrument. ':
5. PAYMENTS. Mortgagor agrees that all pay,t~nents under the Secured Debt will be paid when due and in accordance with the
terms of the Secured Debt and this Security Iestrument.
6. PRIOR SECURITY INTERESTS. Wi. tt!t regard to any other ~nortgage; deed of trust, security agreement or other lien
document that created a prior security interes['or encmnbrance on the Property, Mortgagor agrees: A. To make all payments when due a~d to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. 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 consent.
7. CLAIMS AGAINST TITLE. Mortgagor ~ill pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
utilities, and other charges relating to the Preperty 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 tile' lieff~6f the Security Instrument. Mortgagor agrees to assign to Lender, as requested by
Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve
the Property. .
8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary,
involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may,
by written notice to Mortgagor, declare all o~}ligations secured hereby im~nediately due and payable, except to the extent'that
such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law_.
9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and
make all repairs that are reasonably necessarY. Mortgagor shall not commit or allow any waste, impair~nent, or deterioration of
the Property. Mortgagor will keep the Pro, perry free of noxious weeds and grasses. 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 option, d:~ter,, the Property at any reasonable time for the purpose of inspecting the Property.
Lender shall give Mortgagor .notice at the i:ime of or before an inspection specifying a reasonable purpose for the inspection.
Any inspection of the Property shall be entilely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security
Instrumem, Lender may, without notice, peiTorm or cause them to be performed. Mortgagor appoints Lender as attorney in fact
to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not
create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other
rights under the law or this Security Instrumbnt. If any construction on the Property is discontinued or not carried on in a
reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including
completion of the construction. ,;
11. ASSIGNMENT OF LEASES AND ' ~
RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any other written or
verbal agreements for the use and occupancy c.~? any portion of the Property, including any extensions, renewals, modifications or
substitutions of such agreements (all referred tO as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor
will promptly provide Lender with true and Correct copies of all existing and future Leases. Mortgagor may collect, receive,
enjoy and usc the Rents so long as Mortgagor 'is not in default under the terms of this Security Instrument.
.Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees
that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this
assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender
may take actual possession of the property xi/ithout the necessity of commencing legal action and that actual possession is
deemed to ~occur when Lender, or its agent, aotifies Mortgagor of default and demands that any tenant pay all future Rents
directly to Lender. On receiving notice ofl d:fault, Mortgagor will endorse and deliver to Lender any payment of Rents in
Mortgagor's possession and will receive any Rents in trust for Lender and wi!l not commingle the Rents with any other funds.
Any amounts collected will be applied as prov~ded in this Security Instrument. Mortgagor warrants that no default exists under
the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the
terms of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMS; FLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the
provisions of any lease ir this Security Instn~ment is on a leasehold~ If the property is a unit in a Condominium Project or is part
of a Planned Unit Development ("PUD"), Mortgagor agrees to the following:
A. Obligations.. Mortgagor shall (~erform all of Mortgagor's obligations under the Constituent Documents. The
"Constituent Documents" are the: (i) Declaration or any other document which creates thc Condominium Projects or PUD and
any homeowners association .or equivalent entity ("Owners Association")', (ii) by-laws; (iii) code of regulations; and (iv) other
EQ150B (3/2001)
307
equivalent document~'. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
Documents. ~,
B. Hazard Insurance, So long as '.[he Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condom!!nium Project or PUD which is satisfactory to Lender and which provides insurance
coverage in the a~nounts, for the periods, ar~,d against the hazards Lender requires, including fire and hazards included within
the term "extended coverage," then Mortg~!gor's obligation under Section 19 to maintain hazard insurance coverage on the
Property is deemed satisfied to the extent tl!at the required coverage is provided by the Owner's Association policy. Mortgagor
shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard
insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any
proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this
Security Instrument, with any excess paid to Mortgagor.
C. Flood Insurance. Mortgagor agr;:es to maintain flood insurance for the life of the Secured Debt which is acceptable,
as to form, amount and extent of coverage t0 Lender.
D. Public Liability Insurance. Mc, rtgagor shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability ir~mrance policy acceptable in form, amount, and extent of coverage to Lender.
E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in
connection with any condemnation or othe:.!, talcing of all or any part of the Property, whether of the unit or of the common
elements, or for any conveyance in lieu of cclndemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall
be applied by Lender to the sums secured byithe Security Instrument as provided in Section 18.
F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent,
either partition or subdivide the Property or: consent to: (i) the abandonment or termination of the Condominium Project or
PUD, except for abandonment or terminatio[1 required by law in the case of substantial destruction by fire or other casualty or in
the case of a taking by condemnation or emihent domain; (ii) any amendment to any provision of the Constituent Documents if
the provision is for the express benefit ofilLender; (iii) termination of professional management and assumption of self-
management by the Owners Association; dr (iv) an5' action which would have the effect of rendering the public liability
insurance coverage maintained by the Ownei!s Association unacceptable to Lender.
G. Remedies. If Mortgagor does not ~pay condominium or PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender re!der this section shall become additional debt of Mortgagor secured by this Security
Instrument,' Unless Mortgagor and Lender i~gree to other terms of payxnent, these amounts shall bear interest from the date of
disbursement at the Secured Debt rate and siSall be payable, with interest, upon notice from Lender to Mortgagor requesting
payment. ~
13. DEFAULT. Mortgagor will .be in default if any party obligated on the Secured Debt fails to make payment when due.
Mortgagor will be in default if a breach occhrs under the terms of this Security Instrument or any other document executed for
the purpose of creating, securing or guara~'.~ing the Secured Debt. A good faith belief by Lender that Lender at any time is
insecure with respect to any person or entil~i~ obligated on the Secured Debt or that the prospect of any payment or the value of
the Property is impaired shall also constitut{: an event of default.
14. REMEDIES ON DEFAULT. In some ins'~ances, federal and state law will require Lender to provide Mortgagor with notice of
the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any,
Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in
default.
At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately
due and payable, after giving notice if req~dred by law, upon the occurrence of a default or anytime thereafter. In addition,
Lender shall be entitled to all the remedies' provided by law, the terms of the Secured Debt, this Security Instrumeut and any
related documents, including without limit:~tion, the power to sell the Property. All remedies are distinct, cumulative and not
exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The
acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or
after forectosure proceedings are filed shal;i not constitute a waiver of Lender's right to require complete cure of any existing
default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event
a default if it continues or happens again.
15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by
law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument.
Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or othem,ise protecting
the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at
the highest interest rate in effect as providt:d in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses
incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This
amount may include, but is not limited to, 3ttorneys' fees, court costs, and other legal expenses. This amount does not include
attorneys' fees for a salaried employee of tt:'~e Lender. This Security Instrument shall remain in effect until released. Mortgagor
agrees to pay for any recordation costs of such release.
EQiSOC (3/2001)
3O8
16. ENVIRONMENTAL LAWS AND ItAZAI~DOUS,.;. SUBSTANCES. As used in this section, (1) Environmental Law means,
without limitation, the Comprehensive Env~r~nmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et
seq.), and all other federal, state and local lS,ws, regulations, ordinances, court orders, attorney general opinions or interpretive
letters concerning' the public health, safety, ~,,¥elfare, environment or a hazardous substance; and (2) Hazardous Substance means
any toxic, radioactive or hazardous materii~l; waste, pollutant or contaminant which has characteristics which render the
substance dangerous or potentially dangerou'i~ to the public health, safety, welfare or environment. Thc term includes, without
limitation, any substances defined as "hazardous ,material," "toxic substances," "hazardous waste" or "hazardous substance'!
under any Environmental Law.
Mortgagor represents, warrants and agrees th'fat:
A. Except as previously disclosed and ficknowtedged in writing to Lender, no Hazardous Substance is or will be located,
stored or released on or in the Property...: This restriction does not apply to small quantities of Hazardous Substances
that are generally recognized to be appropriate for the normal use and maintenance of the Property.
B. Except as previously disclosed and a~knowledged in writing to Lender, Mortgagor and every tenant have been, are, and
shall remain in full compliance withl any applicable Environmental Law.
C. Mortgagor shall immediately noti~ Lender if a release or threatened release of a Hazardous Substance occurs on, under
or about the Property or there is a yiolation of any Environmental Law concerning the Property:' In such an event,
Mortgagor shall take all necessary remedial action in accordance with any Environmental Law.
D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending
or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
Substance or the violation of any Environmental Law.
17. CONDEMNATION. Mortgagor will gi~/e. Lender prompt notice of any pending or threatened action, by private or public
entities to purchase or take any or all of th~,Property through condemnation, eminent domain, or any other means. Mortgagor
authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to
Lender the proceeds of any award or claim ::5'r damages connected 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 mortgage, deed of trust, security agreement or other lien document.
18. INSURANCE. Mortgagor shall keep Prop:e~ty insured against loss by fire, flood, theft and other hazards and risks reasonably
associated with the Property due to its type ired location. This insurance shall be maintained in the amounts and for the periods
that Lender requires. The insurance carrier P!roviding tile insurance shall be chosen by Mortgagor subject to Lender's approval,
which shall not be unreasonably withheld, l:[ 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 t° the terms of this Security Instrument.
All insurance policies and renewals shall bell. acceptable to Lender and shall include a standard "mortgage clause" and, where
applicable, "loss payee clause." .Mortgagor :~Shall immediately notify Lender of cancellation or termination of tile 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 ii[ not made im~nediately by Mortgagor.
Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the
Secured Debt, whether or not then due, at Le~der's option. An5, application of proceeds to principal shall' not extend or postpone
the due date of the scheduled payment nor c~mnge the amount of any payment. Any excess will be paid to Mortgagor. If the
Property is acquired by Lender, Mortgagor's ;~:!ig'ht to any insurance policies and proceeds resulting from damage to the Prgpen'y
before the acquisition shall pass to Lender to ihe extent o'f the Secured Debt immediately before the acquisition.
19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and'i:nsurance in escrow.
201 FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any
financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to 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.
21. 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 th~: Secured Debt. If this Security Instrument secures a guaranty between Lender and
Mortgagor, Mortgagor. agrees to waive any r:ights 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. Mortgagor agrees that Lender and any party to this Security Instrumont may extend, modify or make any change in the
terms of this Security Instrument or any eyidence of debt without Mortgagor's consent. Such a change will not release
Mortgagor from the terms of this Security Itts!:rument. The duties and benefits of this Security Instrument shall bind and benefit
the successors and assigns of Mortgagor ant:. Lender.
22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the
EQISOD (3/2001)
jurisdictio~ in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the
Property is located. This Security InstrumeJ'/t is complete and fully integrated. This Security Instrument may not be amended of
modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt
that conflicts with applicable law will not b.e effective, unless that law expressly or impliedly permits the variations by written
agreement. If any section of this Security I~:~stru~nent cannot be enforced according to its terms, that section will be severed and
will not affect the enforceability of the reniainder of this Security Instrument. Whenever used, the singular shall include the
plural and the plural the singular. The caiitions 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. In the event any section, of this Security Instrument directly conflicts with any section of a certain Home Equity
Closing Handbook which contains the Accrmnt Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and
Conditions (as applicable), the Arbitration li~tgreement, and the Agreement to Provide Flood/Property Insurance, all of which I
agree to by signing this Security Instrument; fl~e terms of the Home Equity Closing Handbook shall control.
23. NOTICE. Unless otherwise required by la~:, any notice shall be given by delivering it or by mailing it by first class mail to the
appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address
designated in writing.
24. WAIVERS. Except to the extent prohibite~:'by law, Mortgagor waives any right regarding the ~narshalling of liens and assets,
and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state.
25. OTItER TERMS. If checked, the followir g are applicable to this Security Instrument:
[X--] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be
reduced to a zero balance, this Sec~arity Instrument will remain in effect until released.
~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement
on the Property.
~ Fixture Filing. Mortgagor grants to Lender a security interest in al3 goods that Mortgagor owns now or in the future
and that are or will become fixtures relates to the Property. This Security Instrument ~uffices as a financing statement
and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform
Commercial Code.
~ 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 a copy of this Security Instrument on the date stated on page 1.
ROBERT L MYERS ~ Mortgagor Date
d~l TH MY E RS~ Mo~gagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Date
EQ150E (3/2001)
ACKNOWLEDGMENT:
(individual)
STATE OF
COUNTY OF
The foregoing instrument was acknowledged be:t}~re me by
Witness my hand and official seal.
(Title of Office~
My Commission Expires: l ~
AC~OWLEDGMENT:
(Individual)
CO~TY OF IA [Lcr> }h
The foregoing instrument was acknowledged bef6re me by ~ ~Y~[-k b[~/5' ,
Witness my hand and official seal.
(~ure of Officer)
(Titl~ ofO~c~r) -
My. Commission Expires: [
EQ150F (3/2001