HomeMy WebLinkAbout785879Recording requeste~ by:
WELLS FAIC:-.GO BANK, N.,~:.
LII'.~C':C,!_.?.~ (':OUt,.I'T1, OLERt(
Wells Fargo Bank, N.A. '3 ..
P O BOX 31552 zOO~D.---PRPAGE 63~] ','.:-t
BILLINGS, MT 5910~ _ .... =.__
DOCUMEN~ MANAGEMENT ~ I{[:.),~,,iL'~:.~:.{~, ~1.,.,')~.' (,~ ~,t~(,, ~;;~"~
State of Wyon~g , · , -Space Above T~s Line For Recording Data-
~FE~NCE g: 200121 g2~00003 ACCOST g: 0~54-~54-1035398-0001
: MORTGAGE t c4 ~)
(With Future Advance Clause)
1. DATE AND PARTIES. The date of this Mo~gage ("Securi~ Instrumem".) is 08 / 2 ~ / 200 q
and the parties, their addresses and tax identification n~bers, if required, are as folloWs:
MORTGAGOR:SIEVEN H. STALEY A~4B JOAN STALEY, HUSBAND AND WIFE, AS
TENANTS BY THE ENTIRETY . ~
~ If checked, refer to the attached Addend'.~m inco~orated herein, for addilional Mortgagors their signatures and
acknowledgments. ~.
LENDER: WELLS FARGO BANK, N;~9
P. O. BOX 3155~
BILLINGS, MT 59~0~
2. CONVEYANCE. For good and valuable consideration, tl~e receipt and s~ciency of which is acknowledged, and to secure
the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains,
conveys, mo~gages and warrants to Lender, Mth power of sale, the following described properS:
PART OF LOT 3 OF BLOCK 13 OF I'HE AFTON, WYOMING TOWNSITE DESCRIBED AS
FOLLOWS: COMMENCING 13 RODS EAST OF THE SOUTHWEST CORNER OF SAID LOT 3 AND
RUNNING THENCE EAST -/ RODS; "
THENCE 6 2/3 RODS; '
THENCE WEST 3 RODS;
THENCE SOUTH 6 2/3 RODS TO THE POINT OF BEGINNING.
The property is located in L I NCOLN at:
4-/5 EAST 4TH AVE AFTON, WY 10
and parcel nmnber of 3218 304 0403600 together with all rights, easements, appurtenances, royalties, mineral
rights, oil and gas rights, all water and riparian rights, ditches, and water stock hud all existing and futm'e improvetnents,
structures, fixtures, and replacements that ~i~ay now or at any time in the future be p~r[ of the real estate described above (all
referred to~as "Property").
3. MAXIMUM OBLIGATION LIMIT. The :total principal amount secured by this Security Instrument at any one time shall not
exceed $ 1 -/, 500. O0 . This lim:it~tion 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 this Security
Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument.
4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incurred under the terms of the promissory note, revolvingline of credit, contract, guaranty or other evidence of
debt dated 08 / 21 / 2001 togeth):r with all amendments, extensions, modifications and renewals, and having a
maturity date of 08/21/2031 i.
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.
EQ150A (3/2001)
C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property
and i~s value and any other sums advanced and expenses incurred by Lender under the terms of this Security
..Instrmn6nt.
5. PAYMENTS, Mortgagor agrees that all payments under thc Secured Debt will be paid when due and in accordance with the
terms of the Secured Debt and this Security Ihstrument.
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 Properly, Mortgagor agrees:
A. To make all payments when due am;t. to perform or comply with all covenants.
B. To promptly deliver to Lender any'n0tices that Mortgagor receives from the holder.
· C. Not to allow any modification or exl:ension 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 l~mperty when due. Lender may require Mortgagor to provide to Lender copies of all
notices that such amounts are due and the r&~'::eipts evidencing Mortgager's Pay~nent. Mortgagor will defend title to the Property
against any claims that would impair the li~,;~ 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 ENCUMBRANCE; Upon sale, transfer, hypothecation, assignment or encumbrance, Whether voluntary,
involuntary, or by operation of law, of all oi: any part of the Property 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, ALTERATI~;NS AND INSPECTION. Mortgagor will keep the Property in good condition and
make all repairs that are reasonably necess~iy. Mortgagor shall not commit or allow any waste, impairment, or deterioration of
the Property. Mortgagor will keep the Pr{,~perty free of noxious weeds and grasses. Mortgagor agrees that the nature of the
occupancy and use will net substantially change without Lender's prior written consent. Mortgagor will not permit any change
in 'any license, restrictive covenant or easdment 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, e~nter the Property 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 Properly shall be entii'ely for Lender's benefit and Mortgagor will in no way rely on Lender'. s inspection.
10. AUTHORITY TO PERFORM. If Morfgagor fails to perform any duty or any of the covenants contained in this Security
Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact
to sign Mortgager's name or pay any amoant 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 LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, '~itle 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 referr~::d to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor
will promptly providd Lender with true a~.:a correct copies of all existing and future Leases. Mortgagor may collect, receive,
enjoy and use the Rents so long as Mortga~;gr is not in default under the terms of this Security Instrument.
Mortgagor agrees that this assignment is i:(.mediately 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 la~v, 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 proper;,y without the necessity of commencing legal action and that actual possession is
deemed t6~ occur when Lender, or its ageqi, nohfies Mortgagor of default and demands that any tenant pay all future Rents
directly to Lender. On receiving notice oi'. default, Mortgagor will endorse and deliver to Lender any payment of Rents in
Mortgager'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 pi:ovided in this Security Instrument. Mortgagor warrants that no default exists under
the Leases or any applicable landlord~tenadt law. Mortgagor also agrees to maintain and require any tenant to comply with the
terms of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMS; PLANNED 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 Condominium Project or is part
of a Planned Unit Development ("PUD"), Mortgagor agrees to the following:
A. Obligations. Mortgagor shall !perform all of Mortgager's obligations under the Constituent Documents. The
Consmuent Documents are the: (i) Declaration or any other document which creates the 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)
f540
equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
Documems. '
B. Hazard Insurance. So long as ~ihe 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 Mortgtgor's obligation under Section 19 to maintain hazard insurance coverage on the
Property is deemed satisfied to the extent tl~a't the required coverage is provided by the Owner's Association policy. Mortgagor
shall give Lender prompt notice of any laps/:: in required hazard insurance coverage. In the event of a distribution of hazard
insurance proceeds in lieu of restoration or ri~Pair following a loss to Property, whether to the unit or to common elements, any
proceeds payable to Mortgagor are hereby aTssigned 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 agriS~s to maintain flood insurance for the life of the Secured Debt which is acceptable,
as to form, amount and extent of coverage to !'~;ender.
D. public Liability Insurance. Mo. rgagor shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability ins::..irance policy acceptable in form, amount, and extent of coverage to Lehder.
E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in
connection with any condemnation or othel-?aking of ail or any part of the Property, whether of the unit m; of the common
elements, or for any conveyance in lieu of c0r~demnation, are hereby assigned and shall be paid to Lender. Such proceeds shall
be applied by Lender to the sums secured by ~:ie Security Instrument as provided in Section 18.
F. Lender's Prior Consent. Mortgagc::[ shall not, except after notice to Lender and with Lender's prior written consent,
either partition or subdivide the Property or ,:ionsent to: (i) the abandonment or termination of the Condominmm Project or
PUD, except for abandonment or termination r'equired by law in the case of substantial destruction by fire or other casualty or in.
the case of a taking by co.ndemnation or emimint, domain; (ii) any amendment to any provision of the Constituent Documents if
the provision is for the.express benefit of iLender; (iii) termination of professional management and assumption of self-
management by the Owners Association; or.. (iv) an), 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 ~:y condominium or PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender u~.der this section shall become additional debt of Mortgagor secured by this Security
Instrument. Unless Mortgagor and Lender !tgree to other terms of payment, these amounts shall bear interest from the date of
disbursement 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 default if any party obligated on the Secured Debt fails to, make pay~nent when due.
Mortgagor will be in default if a breach oc(:'ars under the terms of this Security Instrument or any other document executed for
the purpose of creating, securing· or guarar'ttying the Secured Debt. A good faith belief by Lender that Lender at any time is
insecure with respect to any person or enti[~, bbligated on the Secured Debt or that the prospect of any payment or the value of
the Property is impaired shall also constitute ~.n event of default.
14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of
the right to cure or other notices and may esl:ablish time schedules for foreclosure actions. Subject to these limitations, if any,
Lender may accelerate the Secured Debt and ~oreclose this Security Instrument in a manner provided by law if Mortgagor is in
default.
At the option of Lender, all or any part of tke agreed fees and charges, accrued interest and principal shall become immediately
due and payable, after giving notice if req,ailred by law, upon the occurrence of a default or anytime thereafter. In addition,
Lender shall be entitled to all the remedies [~rovided by law, the terms of the Secured Debt, this Security Instrument and any
related documents, including without limitation, 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 payme~5.t ,::,r partial payment on the Secured Debt after the balance is due or is accelerated or
after foreclosure proceedings are filed shall .',ot constitute a waiver of Lender's right:to require complete cure of any existing
default. By not exercising any remedy on Mdrtgagor'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. Exc:ept 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 am. otnt 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 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, att'~)rneys' fees, court costs, and other legal expenses. This amount does not include
attorneys' fees for a salaried employee of tb.e Lender. This Security Instrument shall remain in effec~ until released. Mortgagor
agrees to pay for any recordation.costs of such release.
EQISOC (3/2001)
16. ENVIRONMENTAL LAWS AND HAzAR'I)OUS SUBSTANCES. As used in this section, (1) Environmental Law means,
without limitation; the Coi~prehensive Enviroi~imental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et
seq.), and all other federal, state and local la~i~s, regulations, ordinances, court orders, attorney general opinions or interpretive
letters concerning thc public health, safety, W~!fare, environment or a hazardous substance; and (2) Hazardous Substance means
any toxic, radioactive or hazardous materi~¥1.; waste, pollutant or contaminant ~hich has characteristics which render the
substance dangerous or potentially dangcrous:ito the public health, safety, welfare or environment. The term includes, without
limitation, any substances defined as "haza~!ious material," "toxic substances," "hazardous waste" or "hazardous substance"
. under any Environmental Law, ~ ~:'
Mortgagor represents, warrants and agrees tiaa. it:
A. Except as previously disclosed and 3,'::knowledged in writing to Lender, no Hazardous Substance is or will be located,
stored or released on or in the ProPi~rty. This restriction does not apply to small quantities of Hazardous Substances
that are generally recognized to be a~,Propriate 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 wit~, any applicable Environmental Law.'
C. Mortgagor shall immediately notify.:i!~ender if a release or threatened release of a Hazardous Substance occurs on, under
or about the Property or there is a 3iolation of any Environmental Law concerning the Property. · In such an event,
Mortgagor shall take all necessary iemedial 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 0f'an3' Em'ironmental Law. ·
17. CONDEMNATION. Mortgagor will give} Lender prompt notice of any pending or threatened a~tion, 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 Mortgag~r' name in any of the above described actions or claims. Mortgagor assigns to
Lender the proceeds of any award or claim fCt~r damages connected with a condemnation or other taking of all or any part of the
Property. Such proceeds shall be considei'ed payments and will be applied as provided in this Security Instrument. This
assignment of proceeds is subject to the termls of any prior mortgage, deed of trust, security agreement or other lien document.
18. INSURANCE. Mortgagor shall keep Prop~:,~rty insured against loss by fire, flood, theft and other hazards and risks reasonably
associated with the Property due to its type ~;.nd location· This insurance shall be maintained in the amounts and for the periods
t rance carrier i'rowdmg the insurance shall be chosen by Mortgagor subject to
that Lender requires. The 'nsu . ~ . · · , · Lender's approval,
which shall not be unreasonably withheld. ~,f Mortgagor 'fails to maintain the coverage described above, Lender may, at Lender' s
option,' obtain coverage to protect Lender's !.ights in the Property according to tile terms of this Security Instrument.
All insurance policies and renewals shall be acceptable to Leuder and shall include a standard "mortgage clause" and, where
applicable, "loss payee clause·" Mortgag~ shall immediately notify Lender of cancellation or termination of the insurance.
Lender shall have the right to hold the pol~!:,ies 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 los~,i! if not made immediately by Mortgagor.
Unless otherwise agreed in writing, all insuYance proceeds shall be applied to the restoration or·repair of the Property or to the
Secured Debt, whether or not then duel 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, Mortgago(s right to any insurance policies and proceeds resulting from damage to the Property.
before the acquisition shall pass to Lender ~'o the extent of 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 insurance in escrow.
20. ~INANCIAL REPORTS AND' ADDIT~(ONAL 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 thal; Lender may consider necessary to Perfect, continue, and preserve Mortgagor's
obligationg under this Security Instrument a'nd 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 Mortgi~gor's interest in the Property to secure payment of the Secured Debt and Mortgagor
does not agree to be personally liable on t5i5 Secured Debt. If this Security Instrument secures a guaranty between Lender and
Mortgagor, Mortgagor agrees to waive any. 15ghts 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 Instrument may extend, modify or make any change in the
terms of this Security Instrument or ani~ :evidence of debt without Mortgagor's consent. Such a change will not release
Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit
the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABILIThr; INTERPRETATION. This Security Instrument is governed by the laws of the
EQ150D (3/2001)
jurisdiction in ~hich the Property is lobated !::xcept to the extent otherwise required by the laws of the jurisdiction where the
Property is located. This Security Instrumen[:is complete and fully integrated. This Security Instrument may not be amended of
nmdified by oral agreement. Any section in this Security Instrument, attactunents, or any agreement related to the Secured Debt
that conflicts with applicable law will'not l~e~ effective, unless that law expressly or impliedly permits the variations by written
agreement. If any section of this Security In!trument 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 cap!!:ions and headings of the sections of this Security Instrument are for convenience
only and are not to be used to interpret or ([~!fine 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 AccoUnt Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and
Conditions (as applicable), the Arbitration ~greement, and the Agreement to Provide Flood/Property Insurance, all of which I
agree to by signing this Security Instn~ment, fhe terms of the Home Equity Closing Handbook shall control.
23. NOTICE. Unless otherwise required by law:i 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 th~s Security Instnunent, or as shown in Lender's records, or to any other address
designated in writing.
24. WAIVERS. Except to the extent prohibitedby law, Mortgagor waives any right regarding the marshalling*of liens and assets,
and hereby releasing and waiving all rights uCder and by virtue of the homestead exelnption laws of this state.
25. OTHER TERMS, If checked, the following} are applicable to this Security Instrument:
[x~ Line of Credit. The Secured Debt'mcludes a revolving line of credit provision. Although the Secured Debt may be
reduced to a zero balance, this Security Instrument ~,ill remain in ~ffect uutil released.
~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement
on the Property.
...................~ Fixture Filing. Mortgagor grant~ to Lender a security interest in all goods that Mortgagor owns now or in the future
and that are or will become fixturesl 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 purposes of Article 9 of the Uniform
Commercial Code. : '
~ Additional Terms.
SIGNATURES: By signing below, Mortgagor [grees to the terms and covenants contained in this Security Instrument and in anY
attachments. Mortgagor also acknowledges rbceipt of a copy of this Security Instrument on the date stated on page I."
'STAVES H SIM_'[¥ J ~'~-
i. Mortgagor 'Date
~AN ST,~LE¥ d ' Mortgagor - Date
Mortgagor Date
Mortgagof Date
- Mortgagor Date
Mortgagor Date
EQ150E (312001
r,,. ',
ACKNOWLEDGMENT:
COUNTY OF Lt~ t'~ 0 ~ ~,
The foregoing ~nstrument was acknoWledged before me by
(Sign~ure of O~tcer)
(Title of Officcr~
: My Commission Explrg~_~[[g~t 7,200~
My Commission Expires: ~,u,~ 7, '.O ~~-~~
ACKNOWLEDGMENT:
(Individual)
STATE OF
The foregoing i,nstrument was ackn,~wledg~d before me by ~k~.. -/~a ,
this ~16¢ day of 'J~tJt'~]- i ., v gt/gg/ ' :' ' t
(8ignatt~g ofOffi'cgr~ '
EQ150F (3/2001)