HomeMy WebLinkAbout875788Recording requested by:
WELLS FARGO BANK, N.A. (I i~ ('~i:
LI?,!:;O LI.,J '(..'.'O ! !i",IT Y
When recorded return to:
P. O, BOX 31557
BILLINSS, MT 59109 ? ,- ~ ...... .f':'
B0CUMENT MANAgEmENT BOOK ~?~ PR PAGE 4 I 9 t.,:. ..... :: ,..,".,,~. ,, ;....,.,....>, .... [~ ~.~
State of Wyoming - - Spae~ Above This Line For Recording Dala
REFE~NCE ~: 22012012eooaog ACCOUNT ~: Ofia4-fi54-1034944-0001
MORTGAGE
(With Future Advance Clause)
1. DATE AND PARTIES. The date of this Mortgage ("SecuriW Instrmneut") is 08 / 20 / 2001
and 'the panics, their addresses and tax ide~,~tification numbers, if required, are as Dllows: ,
MORTGAGOR:M. GRACE MARLAND, A SINGLE WOMAN AND PATRtCiA LYNN CLARK
A MARRIED WOMAN, AS JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP
~ If checked, refer to the attached Addend'rrm inco~orated herein, for additional Mortgagors their signatures and
acknowledgments. .~:
LENDER: WELLS FARGO BANK, N..,A.
P. O. BOX 3155~
~:.
BILL{NOS, MT
2. CONVEYANCE. For good and valuable:consideration, the receipt and s~ciency of which is acknowledged, and to secure
the Secured Debt (defined below) and Mo.~'tgagor's performance under this Security Instrument, Mortgagor granls, bargains,
conveys, mortgages and warrants to Lender:, with power of sale, tl~e following described property:
PART OF LOT 3 OF BLOCK 14 OF .THE AFTON TQWNSITE, LINCOLN COUNTY, WYOMING,
BEING MORE PARTICULARLY DESCR!:BED AS FOLLOWS:
BEGINING 5 RODS EAST OF THE S~:)UTHWEST CORNER OF SAID LOT 3 AND RUNNING EAST
5 RODS; THENCE NORTH 5 RODS; 7HENCE SOUTH 5 RODS TO THE POINT OF BEGINNING.
SUBJECT TO RESTRICTIONS, 'RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR
MINERAL RIGHTS OF RECORD IF A¢.4Y.
The property is located in L I NCOLN at:
32? E 4TH AVE AFTON, WY 8~"ii"~)
and parcel nmnber of 32183030812900 together with all rights, easements, appurtenances, royalties, mineral
rights, oil and gas rights, all water and ripaS?ian rights, ditches, and water stock and all existing and fimtre improvements,
structures, fixtnres, and replacements that may now or at any time in the fi~ture be part of the real estate described above (all
referred to, as "Property").
3. MAXIMUM OBLIGATION LIMIT. Thc: total principal amount secured by this Security Instrument at any one time shall not
exceed $ 21,3~0.00 . 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
Instrmnent to protect Lender's security and ~o perform any of the covenants contained in this Security Instrument.
4, SECU~D DEBT AND IvUTU~ ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incurred under the terms of he promissoD' note, revolving line of credit, contract, guaranty or other evidence of
debt dated 08 / 28 / 2001 toge.her with all amendments, extensions, modifications and renewals, and having a
maturity date of 08 / 16 / 2011
B. All ~ture advances from Lender ]~o Mortgagor under such evidence 0f debt. All fl~ture advances are secured as if made
on the date of this Secufi5~ Inst~ment. Nothing in this SecufiB~ Agreement shall constitute a commitment to make
additional or ~ture loans or advaaces which exceed the amount shown in Section 3. Any such commitment must be
agreed to in a separate writing.
EQ150A (3/2001)
C. All sums advanced and expense~':incurred by Lender for insuring, preserving, or otherwise protecting the Property
and its value and any other smhs advanced and expenses incurred by Lender tinder the ter~ns of this Security
instrument.
5, PAYMENTS. Mortgagor agrees that all p;:tyments under the Secured Debt will be paid when due and in accordance with the
terms oLthe Secured Debt and this Security~ Instrument.
6. PRIOR SECURITy INTERESTS. W?'i:h regard to any other mortgage, deed of trust, security agreemem or other lien
document that created a prior security interest or encumbrance on the Property, Mortgagor agrees:
A. To make all payments when due aFd 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 an), modification or e&tension 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 Wi.il pay all taxes, assessments, liens, encumbrances, lease payments, grouud rents,
utilities, and other charges relating to the Property when due. Lender ma), require Mortgagor to provide to Lender copies of all
notices tltat 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 lidn of the Security Instrmnent. Mortgagor agrees to assign to Lender, as requested by
Lender, any rights, claims or defenses M0rtg,'agor 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 of any part of the Property or any interest therein, then at its sole option, Lender may,
by written notice to Mortgagor, declare all ~bligations 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 Pr. aperty 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 an), change
in any liceuse, restrictive covenant or easci~nent without Lender's prior written consent. Mortgagor will notify Lender of all
demands, proceedings, clai~ns, and actions ~i~ainst Mortgagor, and of any loss or da~nage to the Property. Lender or
Le der s agents may, at Lender s option, c!'~ter the Property at any reasonable time for the purpose of ~nspectmg the Property.
Lender shall give Mortgagor notice at the:.!:ime of or before an inspection specifying a reasonable purpose for the inspection.
Any inspection of the Property shall be enti'r'ely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
10. AIJTItORITY TO PERFORM. If Mortgagor fails to perform any duty or an), of the covenants contained in this Security
Instrument, Lender may, without notice, pei.'l[orm or cause them to be performed. Mortgagor appoints Lender as attorney in fact
to sign Mortgagor's name or pay any amc, imt 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 Inst~cment. If any construction on the Property is discontinued or not carried on in a
reasonable manner, Lender may take ali 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 of 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 (a!l referred to as "Rents"). Mortgagor
will promptly provide Lender with true and correct copies of all existing and fixture Leases. Mortgagor may collect, receive,
enjoy and use the Rents so long as Mortgagc.r is not in default under the terms of this Security Instrument.
Mortgagor agrees that this assignment is im:¢ediately 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 agenl, notifies Mortgagor of default and detnands that any tenant pay all future Rents
directly to ~Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any paytnent of Rents in
Mortgagor's possession and will receive any Rents in trust for Lender and will not cotnmingle 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
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; ]~LANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the
provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominimn Project or is part
of a Planned Unit Development ("PUD"), Mortgagor agrees to the following:
A. Obligations. Mortgagor shall.i')erform all of Mortgagor's obligations under the Constituent Documents. The
"Constituent Documents" are the: (i) Dec aration, or any other document which creates the Condominium Projects or PUD and
any homeowners association or equivalent ~::ntity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other
EQISOB (3/2001)
equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuaut to the Constituent
Documents. ~:
B. Hazard Insurance. So long as: itbe Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condo~ninium. Project o.r PUD which is satisfactory to Lender and which provides insurance
coverage in the amounts, for the periods, ~_nd against the hazards Lender requires, including fire and hazards included within
the term "extended coverage," then Mort~[agor's obligation under Section 19 to maintain hazard insurance coverage on lh¢
Property is deemed satisfied to the extent t~'[at the required coverage is provided by the Owner's Association policy. Mortgagor
. shall give Lender prompt notice of any la~',;se in required hazard insurance coverage. In the event of a distribntion of hazard
insurance proceeds in lieu of restoration o~','repair following a loss to Property, whether to the unit or to common elements, any
proceeds payable to Mortgagor are hereb~~ assigned and shall be paid to Lender for application to the stuns secured by this
Security Instrument, with any excess paid to Mortgagor.
C. Flood Insurance. Mortgagor agrees to ~naintain flood insurance for the life of the Secured Debt which is acceptable,
as to form, amount and extent of coverage {:'[~ Lender.
D. Public Liability Insurance. Mgrtgagor shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability i!nsurance policy acceptable in form, amount, and extent of coverage to Lender.
E. Condemnation. The proceeds oil'any award or claim for damages, direct or consequential, payab~le to Mortgagor in
connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common
elements, or for any com,eyance in lieu of ~ipndemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall
be applied b'y Lender to the stuns secured b~y the Security Instrument as provided in Section 18.
1L Lender's Prior Consent. Mortg[~.gor shall not, except after notice to Lender and with Lender's prior written consent,
either partition or subdivide the Property i!r consent to: (i) the abandonment or termination of the Condominium Project or
PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in
the case of a taking by condemnation or en[inent domain; (ii) any amendment to any provision of the Constituent Documents if
the provision is for the express benefit 0f Lender; (iii) termination of professional management and assumption of self-
management by the Owners Association;i!i:or (ix,) any action which would have the effect of rendering the public liability
insurance coverage maintained by the OwnSrs 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 anmunts disbursed by Lender uitder 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
disbnrsement at the Secured Debt rate and Shall be payable, with interest, upon notice from Lender to Mortgagor requesting
payment. :
13. DEFAULT. Mortgagor will be in defa{dt if any party obligated on the Secured Debt fails to make payment when due.
Mortgagor will be in default if a breach occurs 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 faith belief by Lender that Lender at any time is
insecure w~th respect to any person or entii(y 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 im,~ances, federal and state law will require Lender to provide Mortgagor with notice of
the right to cure or other notices and may ,:~:stablish time schedules for foreclosure actions. Subject to these limitations, if any,
Lender may accelerate the Secured Debt aiild foreclose this Security Instrument in a manner provided by law if Mortgagor is in
default. ':i
At the option of Lender, all or any part of ~he agreed fees and charges, accrued interest and principal shall become immediately
due and payable, after giving notice if re~.!uired by law, upon the occurrence of a default or anytime thereafter, in addition,
Lender shall be entitled to all the remedie:.g provided by law, the terms of the Secured Debt, this Security Instrument and any
related documents, including without limi::ation, the power to sell the Property. All remedies are distinct, cumulative and not
exclusive, and the Lender is entitled to ;~11 remedies provided at law or equity, whether or not expressly set forth. The
acceptance by Lender of an), sum in payme~lt or partial payment on the Secured Debt after the balance is due or is accelerated or
after forec'losure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing
default. By not exercising any re~nedy 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 Securily 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 fldl at
the highest interest rate in effect as providgd 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 pa)' for any recordation costs of such release.
EQ150C (3/2001)
16. ENVIRONMENTAL LAWS AND HAZ~'!iRDOUS SUBSTANCES. As used in this section, (1) Environmental Law means,
without limitation, the Comprehensive En'~imnmental Response, Compensation and Liability Act (CERCLA, 42 U, S.C. 9601 et
seq.), and all other federal, state and local !aws regulations, ordinances, court orders, attorney general opinions or interpretive
letters concerning the public health, safety, .welfare, environment or a hazardous substance; and (2) Hazardous Substance meaus
any toxic, radioactive or hazardous mate!itel, waste, pollutant or contaminant which has characteristics which render the
substance dangerous or potentially dangero'~is to the public health, safe~y, welfare or environment. Tile 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 ~bat:
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 previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and
shall remain in full compliance with any applicable Environmental Law.
C. Mortgagor shall immediately notify:Lender if a release or threatened release of a Hazardous Substance occurs on, under
or about the Property or there is al violation of any Environmental Law concerning the Property.' In such an event,
Mortgagor shall take all necessary?¢medial action in accordance with any Environmental Law.
D. Mortgagor shall immediately notif~:.'iLender in writing as soon as Mortgagor has reason to believe there is any pending
or threatened investigation, clain~i; 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~i,:':3 Lender prompt notice of any pending or threatened action, by private or, public
entities to purchase or take any or all of thi:!i Property through condemnation, eminent domain, or any other means. Mortgagor
authorizes Lender to intervene in Mortgal[~i~r' name in any of the above described actions or claims. Mortgagor assigns to
Lender the proceeds of any award or claim"for damages connected with a condemnation or other taking of all or any part of the
Property. _ Such proceeds shall be considi~md payments and will be applied as provided in this Security Instrulneut. This
assignment of proceeds is subject to the ter!r:S of any prior mortgage, deed of trust, security agreement or other lien document.
18, INSURANCE. Mortgagor shall keep Proli!~rty insured against' loss by fire, flood, theft and other hazards and risks reasonably
associated with the Property due to its typeil!nd location. This insurance shall be maintained in the amounts and for the periods
that Lender requires. The insurance carrier Providing the insurance shall be chosen by Mortgagor subject to Lender's approval,
which shall not be unreasonably withheld, t~f Mortgagor fails to maintain the coverage described above, Lender may, at Lender's
option, obtain coverage to protect Lender's ~ i ghts in the Property according' to the reruns of this Security Instrument.
All insurance policies and renewals slmll ba acceptable to Lender and shall include a standard "mortgage clause" and, where
applicable, ~loss payee clause." Mortgag¢,r shall immediately notify Lender of cancellation or ter~nination of the insurance.
Lender shall have the right to hold the polities 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 may make proof of loss if 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 Lender's option. Any application of proceeds to principal shall not extend or postpone
the due date of the scheduled payment nor 'change the amount of any payment. Any excess will be paid to Mortgagor. If the
Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resulting from damage to the Property
before the acquisition shall pass to Lender to the extent of lhe Secured Debt immediately before the acquisition.
19. ESCROW FOR TAXES AND INSURANCE. Un!ess otherwise provided in a separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and insurance in escrow.
20. 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 Mortgager's
obligationg 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 tiffs
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 tb.~; Secured Debt. If this Security Instrument secures a guaranty between Lender and
Mortgagor, Mortgagor agrees to waive any ~,ightS that may prevent Lender frown bringing any action or claim against Mortgagor
or any party indebted under tile obligation. ::These rights may include, but are not limited to, any anti-deficiency or one-action
laws.' Mortgagor agrees that Lender and at,y party to this Security Instrument may extend, modify or make any change in the
terms of this Security Instrument or any ~vidence of debt without Mortgagor's consent. Such a change will not release
Mortgagor from the terms of this Security h~strument. The duties and benefits of this Security Instrument shall bind and benefit
the successors and assigns of Mortgagor and Lender..
22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the
EQ150D (3/2001)
jurisdiction in which the Property is' locate~..!', except to the extent othem,ise required by the laws of the jurisdiction, where the
Property is located. This Security Instrumd:~t is complete and fiflly integrated. This Security Instrument ~nay not be amended of
modified by oral agreement. Any section ii:i this Security Instrmnent, attachments, or any agreement related to the Secured Debt
that conflicts with applicable law' will not 0e effective, unless that law expressly or impliedly permits the variations by written
agreement. If any section 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 the singular. The c~:ptions 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. Trine is of the essence in this Security
Instrument. In the event any section of th'is Security Instrument directly conflicts with any section .of a certain Home Equity
Closing Handbook which contains the Acc6unt Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and
Conditions (as applicable), the Arbitration.i,Agreement, and the Agreement to Provide Flood/Property insurance, all of which I
agree to by signing this Security Instrumeni:' the terms of the Home Equity Closing Handbook shall control.
2:3. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class ~nail to the
appropriate party's address on page 1 of t!,tis Security Instrument, or as shown in Lender's records, or to an), other address
designated in writing.
24. WAiVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the ~narshallin~ o£ liens and assets,
and hereby releasing and waiving all rights ~undcr and by virtue of the homestead exemption laws of this state.
25. OTHER TERMS. If checked, the following are applicable to this Securily Instmn~ent:
Line of Credit. The Secured Di:bt includes a revolving line of credit provision. Altlmugh the Secured Debt may be
reduced to a zero balance, this Security Instnunent will remain in effect until released.
Construction Loan. This Securi'ty Instrmnent secures an obligation incurred for the construction of an improvemeat
on the Prope~,.
~ Fixture Filing. Mortgagor grant~! to Lender a security interest in all goods that Mortgagor owns now or in the fim~re
and that are or will become fixtur!:s relates to the Property. This Security Instrument suffices as a financing statement
and any carbon, photographic or. other reproduction may be filed of record for puq)oses of Article 9 of the Uniform
Commercial Code.
57X-] Additional Terms.
SIGNATURES: By signiug below, Mortgagor agrees to the terms and covenants contained in this Security Instrumeut and in any
attachments. Mortgagor also acknowledge?receipt of a copy of this Security Instrument °n the date stated on page 1.
/,.~-,~, 0 R A C E ~A R L A N 0 ,- · ~ Mortgagor Date
PATR I CiA LYNN CLARK Mortgagor ~t
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor iDate
EQ150E (3/2001)
ACK~OWLEIIGMENT:
(IndMdual)
STATE OF
COUNTY OF ~", M t',~, 2~'(-..
The foregoing instrument was acknowledged before me by
this ~ dayof ~..~th:'~ , ;~p~ / "
Winmss my hand and o~cial seal.
ACKNOWLEDGMENT:
(IndMdual)
COUNTY OF /~ t -~,1 t2p
The foregoing instrument was achnowledged before me by
W~ness my hand and~cial seal.
~y Commission Expires: ' ~ '~- ¢ ~ - ztS~ (S~al)
EQ150F (3/2001