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HomeMy WebLinkAbout911400Recording requested by: Wells Fazgo Bank, ,00!85 Wh6nrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 3155./ BILLINGS, MT 5910./ DOCUMENT MANAGEMENT e · State of Wyoming · - Space Above This Line For Recording Data- REFERENCE #: 20051-71 -/400599 ACCOUNT #: 0650-650-9223649-1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 0S / OS / 2005 and the parties, their addresses and tax identification nmnbers, if required, are as £ollows: MORTGAGOR: N. CHRISTINE SKI LTON, A SINGLE WOMAN RECEIVED 8/31/2005 at 10:56 AM RECEIVING # 911400 BOOK: 596 PAGE: 185 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, P, O. BOX 3155-7 BILLINGS, MT 5910-/ 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 O0 IN STAR VALLEY RANCH PLAT ONE (1) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. e The property is located in L I NCOLN at: 2§2 SPRUCE DR THAYNE, WY ~o~,~/ and parcel number of 351 §2410103000 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian fights, ditches, and water stock and all existing and future improvements, structures, fix~ures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 35,000.00 . Tlfis limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of tlfis Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQ150A (10/2 A. Debt incurred under the terms of thc pro~ssory note, revolving line of credit, contxact, ~uaranty or other evidence of debf dated 08 / 08 ! 2005 together with all amendments, extensions, modifications and renewals, and having a maturity date of 08 / 08 / 2045 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 Instrument. 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. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise 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 payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and 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 will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property 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 the lien of 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 ENCUMBR~,NCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Properly or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately 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, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will ~ot 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 actio~ against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Properly at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property. shall be entirely 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 Instrument, Lender may, x~4thotR notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or Pa3' any amcount 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 Instrument. 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 [,EASES 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 t_he ,:,.se and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (z~l referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide LerOer w~th true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assigmnent 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 without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. O1~. receiw_'ng notice of default, 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 will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under EQ150B (10/2003) ' 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 arid applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Securer Instrument is on a leasehold. If the property is a unit in a Condominium Project or is pan of a Planned Unit Development ("PLrD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgager's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or ecuivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due,.all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance,. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then. Mortgager's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied, to the e~aent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompl 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 folloadng 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 Insura~ace. Mo~gagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance, Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability, insurance 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 other taking of all or any pan of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to tke sums secured by the Secufity Instrument as provided in Section 18. F. Lender's Pri~r t~onsenio Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdiv!~e the Propem~ or consent to: (i) the abandonment or termination of the Condominium Project or PUD, except for abandonment er terminafien required by law in the case of substantial destruction by fire or other casualty °r in the case of a taking by condenmafion or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners 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 disb~rsed by Lender under this section shall'become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate ar;d shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortga~mr will be in de£%!t if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in aefeult if a breach ',~ccurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good ~'aith belief by Lender that Lender at any time is insecure with respect to any per:to 9. or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the fight to cure or o:her notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate t;_-~.¢ 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 gMng notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled ~-o all. ~e remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, incm&ing without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is emitJ, ed to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender o_~! a_ny sum in payntevt or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed slmll not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercisiq.g a~y remedy on MOrtgager's default, Lender does not waive Lender's fight to later consider the event a default if it continues or happens again "~5~XP~ENSES; ADVANCD; ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, MortgagOr agrees tc 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 otherwise 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 provided 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, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND ltAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Ct'mprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federz~!, state and local laws, re~lations, ordinances, court orders, attorney general opinions or interpretive letters concerning the publ!.c hea~tk sa_fe~o,, weEare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or bazardot~s material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The 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 that: A. Except as previously disclosed and acknowledged 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 prew_'o,~sly disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in fl~ll compliance with any applicable Environmental Law. C. Mortgagor shaltl immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property. or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shaY!, take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall im:nediately 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 give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the 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 a.m, award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceed..s shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is '..'ubie~:t to ~he terms of any po.or mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortl}agor shall keep Property i~.sured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Prcpe~; due ~to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. TSr,.e insurance career provichng the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be up_reasonably withheld. If 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 to the terms of this Security Instrument. All insurance policies and renewals shall be 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 the insurance. Lender shall have the right to hold the pohcies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender mey make proof' of loss if not made immediately by Mortgagor. Unless otherwise agreed in v,q'fiing, ,all i,surance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whe*_her or not t~ea dt:e. at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the sche&ded paymem nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Leander, Mortgager's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass lo i_ender to the extent of the Secured Debt inm~ediately before the acquisition. 19. ESCROW FOR TAXO_~;S AND INSURANCE, Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lev. de~ funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND .ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or i,£ormafion Lender may deem reasonably necessary-. Mortgagor agrees to sign, deliver, and file any additional documents or certLqcations that Lender may consider necessary to perfect, continue, and preserve Mortgager's obligations under this Se¢'~.thty Insm'ment and Lender's lien status on the Property. 21. JOINT AND INDIV~41AL LIAFai~LITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint av.d individual. Y_f Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ150D (10/2003) ii. 0 018 9 Mortgagor does so only to mortgage ivIortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be l~ersonally liable on the Secured Debt. ff this Security Instrument secures a gnaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights 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 tha'~ Lender and any pa~ to this Security Instrument may extend, modify or make any change in the terms of this SecuriU insmament or any evidence of debt without Mortgagor:'s consent. Such a change will not release Mortgagor from the terms, of*,h;,s Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns o:fMortgagor and Lender. 22. APPLICABLE LAW; SEVEP~BILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Froper~ is located, except to the extent othenvise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Pray section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective., unless that law expressly or impliedly permits the Variations by written agreement. If any sectio:~ of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural d?e ~i_~gnlar. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define lhe terms of this Security Instrument: Time is of the essence in this Security Instrmnent. 23. NOTICE. Unless otherwise: requ/~ed by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on Fa? 1 o? this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to tl~ ¢ extent prohibited by law, Mortgagor waives any right regarding the marshalling 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 following 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 Security Instrument will remain in effect until released. ~ Constructio~ Lean. Th/s Security Instrument secures an obligation incurred for the construction of an improvement on the Prope~ ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are er ,~41! become fixtures relates to the Property. This Sec?~rity Instrument suffices as a financing statement and any cad>on, pl~oto~aphic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~SX'] Additional Terms, 26. RIDERS. If checked, zhe fo!lowing are apPlicable to this Security Instrument. The covenants and agreements of each of the riders checked below are ,_'ncorporated into and supplement and amend the terms of this Security Instrument. ~'~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receip~ of a copy of this Security Instrument on the date stated on page 1. N CHRISTINE SKILr~i~ Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date 001 ACKNOWLEDGMENT: (Individual) cote~rv oF } ~ ~c~/ The foregoing instrument was acknowledged before me by Wimess my hand and official seal. (Signature of Officer) My Commission Expires: .~_~.~~_ _MY__CO~'4MISSION EXPIRES MAY 25 2006 (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Wimess my hand and official seal: (Signature of Officer) (Title of Officer) My Commission Expires: (Seal) EQ150F (10/2003)