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HomeMy WebLinkAbout876048Recording requested by: WELLS FARGO BANK, N.A. LII~., ~ l...!q ....... ' When,recorded return to: . Wells Fargo Ba~, N.A. $ ~ 6 0 ~ B p 0 ~ox 3q55, d''-''''''~ BILLINGS, MT 5910: ' DOCUMENT MANAGEMENT ~, B OOK~__PIt Stale of Wyoming , , Space Above This Line For Recording Data ~FE~NCE ~: 20'~5~ ~12252~001 ~ ACCOST ~: 0~54-654- 103832g-0001 ~:,, MORTGAGE ' (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("SecuriW Instrument") is 08 / 24 / 2001 and the parties, their addresses and tax ide~':'fification numbers, ff required, are as follows: MORTGAGOR:RUSSELL HELT AND A~:,'~.,'X JANE HELT, ~USBAND ANO WIFE AS d0 NT TENANTS ~ If checked, refer to the attached Addendi~i.m incorporated herein, for additional Mortgagors their signatures and acknowledgments. LE~ER: WELLS FARGO BANK, P. O. BOX 3155~ BILLINGS, MT 59107 2. CONVeYANCe. For good and valuabl~ ~5onsiSeration, th~ receipt ~d s~miency of wNch is acknowledged, and to s~cur6 the Secured Debt (defined bdow) and Mon;gagor's p~gormance under this S~curi~ Instrument, Mortgagor grants, bargains, conwys, To,gages and warrants to Lender; with power of sal~, tim following described properly: LOT ~HIRTY-SiX (3~) IN STAR VALLEY RANCH PLAT TWENTY-ONE (21) AS PLATTED AND RECORDED IN THE OFFICIAL F;ECORDS OF LINCOLN COUNTY, WYOMING. The property is located in L I NCOLN at: 11 EAST STREET THAYNE, WY and parcel number of 3418 053090500:'.'. together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and ripa [an rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that n~ay now or at any time in the future be l~art of the real estate described above (all referred to,as "Property"). 3. MAXIMUM OBLIGATION LIMIT. Thcl total principal amount secured by this Security Instrument at any one time shall not exceed $ 20, O00. oo . This limii:ation of amount does not include interest and other fees and charges Validly made pursuant to this Security Instrument. Als0.. this limitation does: not apply to advances made under the terms of this Security Instrument to protect Lender's security and iio perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADV,!,NCES. The term Secured Debt is defined as follows: A. Debt incurred under the terms of':he prmnissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 08 / 24 ! 2001 toge'iher with all amendments, extensions, modifications and renewals, and having a maturity date of 08 / 251200~ B. All future advances from Lender 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 commit~nent to make additional or future loans or adva:tces 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 .i~murred by Lender for insuring, preserving, or othersvise protecting the Property and its value and any other sm~ti}' advanced and expenses incurred by Lender under the terIns of this Security Instrument. 5. PAYMEN~TS. Mortgagor agrees that all P,i;yments 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. w!th regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security inten;st or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due a!xd 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 agremnent secured by the lien document without Lendei':.' 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 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 lie~. of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortg'hgor may have against parties who supply labor or materials to maintain or'improve the Property. ,, 8. DUE ON SALE OR ENCUMBRANCE. '~pon sale, transfer, h3~othecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or i~ny part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all c,pligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular ,??cumstances 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 necessa6:. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Prs!i:erty free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially ch:a~ige without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or eas~:;~{ent without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions ;'tgginst Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, em!er the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at thel.'i:ime of or. before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entii:eiy 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, without notice, perform 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 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 RE]~)%S. 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 referrerl 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 use 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 r:demption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property ',.vithout 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 lzender. On receiving 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 the Leases or any applicable landlord/tenanl i, aw. 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 co~nply with the provisions of any lease if this Security Insm~v_~ent is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Nilertgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: .(i) Dec!':~ration or any other document which creates the Condominimn Projects or PUD and any homeowners association or equivalent t.,a:ity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other EQI50B (3/2001) equivalent documents. Mortgagor shall prd hptly pa),, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as lhe Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condgmli¢ium P~oject or PUD which is satisfactory to Lender and which provides insurance Coverage in the amounts for the periods a:c}.;:l against the hazards Lender requires, including fire and hazards included within ' "~' . ..... coverage on the the term "extended coverage" then Mortg4:gor's obhgatmn under Section 19 to mmntmn hazard ~nsurance Property is deemed satisfied to the extent thai'! the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any laPii':., in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or ~li:epair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hercby!i~issigned and shall be paid to Lender for application to the sums secured by this Securit~ Instrument, with any excess paid tO iMortgagor. C. Flood Insurance. Mortgagor agri:?¢s 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. MO~gagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability i~{.iurance policy acceptable in form, amount, and extent of coverage to Lender. E Condemnation. The proceeds of~ny award or claim for damages, direct or consequential, payabt¢ to Mortgagor in connection with any condmnnat~on or other.:.tak~ng of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of cm~demnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by i:he 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 oi 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 emfnent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit o(i[.Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; ~r (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owner,s Association unacceptable to Lender. G. Remedies. If Mortgagor does not i?ay condominium or PUD dues and assessments when due, then Lender m,ay pay them. Any amounts disbursed by Lender u~iier this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender }i'gree to other terms of payment, these amounts shall bear interest frotn the date of disbursement at the Secured Debt rate and s!:iall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in defau!t if any party obligated on the Secured Debt fails to, make payment when due. Mortgagor will be in default if a breach occi~rs under the terms of this Security Instrument or any o~her document executed for the purpose of creating, securing or guaran'i34ng the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entit? 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 ins~:ances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may e:~tablish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt an:i[ 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 tl,e agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if req~;',ired by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedie,,i provided by law, the terms of the Secured Debt, this Security Instrument 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 a~l remedies provided at law or equity,, whether or not expressly set forth. The acceptance by Lender of any sum in paymer~!; or partial payment on the Secured Deb{ after the balance is due or is accelerated or after foreclosure proceedings are filed shall 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 am.~unt 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 th~ Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of sUc.h release. EQ150C (3/2001) 16. ENVIRONMENTAL LAWS AND HAZAP, DOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Enwir';:inmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local 'laws, regulations, ordinances, court orders; attorney general opinions or interpretive letters concerning the public health s',ffetyi.~,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 dangercmli 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 substauce" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed ant/. i'~icknowledged 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 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 w~t', any applicable Enviromnental Law. shall remain in full compliance '} 'i 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 a ~',dolation of any Environmental Law concerning the Property: In such an event, Mortgagor shall take all necessary:~e,rnedial action in accordance with any Em,ironmental Law. ~ D. Mortgagor shall immediately notifY' !!,ender in writing as soon as M _ortgagor has reason to believe there is any pending or threatened investigation, clain'i.,,'or proceeding relating to lhe release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will giv'.e~ Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of thi::.', ~roperty through condemnation, eminent domain, or any other tneans. Mortgagor authorizes Lender to intervene in Mortgagolr' name in any of the above described actions or claims. Mortgagor assigns to Lender tl>e 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 consid~.rgd payments and will be applied as provided in this Security Iustrument. This assignment of proceeds is subject to the terr:~s of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Prop~erty insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its typei':~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. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's d!shts 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 policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal ,notices. Upon 10ss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss ~f not made immediately 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 .c'imnge the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgag0r's Aght to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender Iii :he extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND "TM 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'. FINANCIAL REPORTS AND ADDITI¢)NAL DOCUMENTS. Mortgagor will pro~Jide 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 tha~: Lender may consider necessary to p~rfect, continue, and preserve Mortgagor's obligation~ under this Security Instrument c.n,x 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 Mortg~g~r's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on tbs: Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagorl 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 that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any e,;4dence of debt without Mortgagor's consent. Such a. change will not release Mortgagor from the terms of this Security I:.:tstrument. 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 located. :except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrume~ii.! is complete and fully integrated. This Security Instrument ~nay not be amended of modified by oral agreement. Any section in. this Security Instrument, attachments, or any agree~nent related to the Secured Debt that cmfflicts with applicable law will not rte effective, unless that law expressly or i~np!iedly permits the variations by written agreement. If any section of this security Ii'~strument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the rem~>Jnder of this Securily Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for com,enience only and are not to be used to interpret or ri!fine the terms of this Security Instrument. Time is of the essence in this Security Instrument. In the event any section of thi~i~. Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook which contains the AccCqmt Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security InstrumenL ~the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by la'e~, 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 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. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [1W-Al 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 Seci.irity Instrument will remain in effect until released. ~ Construction LOan. This Securit~ Instrument secures an obligation incurred for the construction of an improvement on the Property. .; ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixture! relates to the Property. This Security Instrument SUffices as a financing statement and any carbon, photographic or i':;ther reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ ~ Additional Terms. :~ SIGNATURES: By signing below, Mortgagoi agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges .~eceipt of a copy of this Security Instrument on the date stated on page 1. ': '~USSI~LL. - HELT Mortgagor ,~NA JAi~ E~.~ ~ L f '' ' Mortgagor Mortgagor Date · Mortgagor Date : Mortgagor Date Mortgagor Date EQ150E (3/2001) COUNTY OF /' The foregoing~nstmment was acknowledged before me by ~'~ //C this ¢Q- ':-f day of Witness my hahd and official seal. ~ature of officer) . (Title of Officer) My ~ommission Expires: ACKNOWLEDGMENT: (Individual) i:J STATE OF ~/ fi)/J-7 The foregoing instrument was ack~oTledged befbre me by Witness my hand and official seal. ' (Si~iure of Officer) (Title of Officer) My Commission Expires: EQ150F (3/2001) AUG 23 2001 1:58 PM =R TO 9130788334~5 P.02 AFFIDAV]iT OF ONE AND THE SAME I, ANAJA1NrE I-tEL.T., hereby certify under Penalty o'f perjury that, ANA IANE HELT, are one and the same person. Sworn and SubScribed before me this 24TH_ day of AUGUST, 2001; NOTARY PUBLIC My Commission Expires: ,53-- ? ~--- ~ ~ County o~ ~5~ . ~ate ~ / ~,~M Oornm~ion F~ph'ea May 25, 20(1~ ]