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HomeMy WebLinkAbout874790 Rec?rding requested by: WELLS FARGO BANK. N.A: LIN~OI_t.J o. 0 ~OX B'_~'NOS. MT 5g'o~ 469 3 State of Wyonfing_ . _Space Above This I,bie For Recording Data ~FERENCE ~: 2001 ' 552633378 ACCOUNT fi: 0654-854-0452637-000 MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("Securiw Instrument") is and the parties, their addresses and tax identification number~, if required, are as follows: MORTGAGOR:R CHhRD C NO0PES AND KAr~ B SOOPES HUSSAND BY THE ENT RE- ES ' [] If checked, refer to the attached Addendmn incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: WELLS FARGO BANK, N.A. o 0 BOY 2'55'7 B LLINGS MT' 5910'7 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of wtdch 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: A TRACT OF 'EAND LY NO N r:~E SW '54 SE '/x 0c SEC- ON 33, -'32' N; o 'lg W, 6TH ~ M. WYOM NG MO~E PAPTICU_AR_. DESCR BED AS ~OLLOWS BEG,NN~NG A: A PO'NT w~CH S 923 g5 FEET EAS- AND 34- 46 FEE- NORT- OF THE SOUTHWEST CORNEP OF SA g SW '/~ SE z~ AND PROCEED NG 'r~EXSE '~ '2 DEGREES 39 M NU-ES E. 160 ~EE- THENCE S 84 DEGREES og MINUTES E 26~ 30 FEET, THENCE S 3 DEGREES 42 M NUTES W '53 0 ~EE- THENCE N 85 DEGgEES 20 M NUTES W 292.05 ~EET TO THE PO'NT OF BEG NN NG. COUNTY OF LINCOLN , STATE OF WYOMING with an address of~ 000 CR3W CREEK RD AFTON wv 83110 and parcel nulnber of 32 ' g3343312200 to'gether with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and ~ture improvements, stmctnres, fixtures, and replacements that may now or at any time in the ~ture be pan of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Securiw Instrument at any one time shall not exceed $ 30,000 O0 This limitation of amount does not include interest anti other fees and charges validly ~nade pursuant to this Security Instrument. Also. this limitation does not apply to advances made under the terms of this Security Instrulnent to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECU~D DEBT AND FUTU~ ADVANCES. The term "Secured Debt" is defined as follows' A. Debt incurred under the terms of the promisso~ note. revolving line of credit, contract, bmaranty or other evidence of debt dated O6 / 15 / 200 ' together with all amendments, extensions, modifications and renewals, and having a maturiff date of 06 / ' 5 / 203' B. All fimtre advances fi'om Lender to Mortgagor uuder such evidence of debt. All ~ture advances are secured as if made on the date of this Security Instrument Nothing m this Security Agreement shall constitute a commitment to make additional or fmure loans or advauces which exceed thc amount shown in Seen an 3. Any such commitment must be agreed to ~n a separate writing. EQ150A (3/2001) C All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property Instrument.and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security 5, PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and itl 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 ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of ail or any part of the Property or any interest thereto, then at its sole option, Lender may, by written notice to Mortgagor. declare all obligations sccured 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 ke~p the Property in good condition and make ali repairs that are reasonably necessary. Mortgagor shall nor commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. I~Iortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in. anY license, restrictive covenant or easeinem without Lender's prior written consent Mortgagor will nonfy Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender L - or ender s agents may, at Lender's option, enter the Property at any reasonable tm~e for the purpose o1~ inspecting the Property. Lender shall give Mortgagor notice at the rune of or before an inspection speci~'ing 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 PERFOR3I. 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 pa5' an}, 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 Instru~nent. If any construction on the Property. is discontinued or not carried on in a reasonable tnanner, Lender may take all steps necessary to protect Lender's security interest m the Property, including completiou 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, includiug an)' extensions, renewals, modifications or substitutions of such agremnents (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"), Mortgagor will promptly provide Lender 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 defaul! under tile 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 m effect during any redemption period uutil the Secured Debt is satisfied Mortgag~r agrees that Lender may take actual possession of thc 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. 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 Renls with an5, 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; 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 umt in a Condominium Project or is part of a Planned Unit Development f"PUD"), Mortgagor agrees to the following: A. Obligations, Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents, The "Constituent Documents" are the: (i) Declaration or an}, other document whi:h 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 EQI50B (3/2001) equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to tile 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 Prqject 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 Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required covcra ge is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt whicfi is acceptable, as to form, amount and extent of :overage 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 part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condenmation. ~tre hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F, Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or conseut to: (i) tile abandonment or termination of the Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destructiou by fire or other casual ty or in the case of a taking by condemnation or eminent domain: (ii) any amendment to any provision of tl~e Constituent Documents if the provision is for the express benefit of Lender: (iii) termination of professional tnanagement and assumption of self- management by the Owners Association; or (iv) anv action whick would have the effect of rendcriag the public liability ~nsurance coverage maintained by the Owners Association unacceptable to Lender. G; Rentedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additiona/debt of Mortgagor secured by this Security Instrument. Unless Mortga got and Lender agree to other terms of payntent, these amounts shall bear interest from the date of disburseinent at the Secured Debt rate aud 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 payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or anv 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 with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or tile 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 right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lenderdefault. may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytmm thereafter, In addition, Lender shall be entitled to all the rmnedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell tile Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all relnedies provided at law or eqmty, whether or not expressly set forth. The acceptanceby Lender of any sum in payment or partial payment on thc Secured Debt after the balance is duc or ~s 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 happeus 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 willt also pay ,°n demand, any amount incurred by Lender for insunng, inspecting, preserving or otherwise protecting the Property a id Lender s security interest. These expenses will bear interest from the date of tile payment until paid in full at the highest interest rate itl effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, m~orcing 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 m effect until released. Mortgagor agrees to pay for any recordation costs of such release EQ150C (3/2001) 0S747 90 3 ,> 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, ~vithout limitation, the Comprehensive Environ~nental Resbonse, Compensation and Liabil ity 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, sffety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toXic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enwronment. 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 hppropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged m writing to Lender. Mortgagor trod 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 a violation of any Enviromneutal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or thc violati on 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 dmnam, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to file terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 18, INSURANCE, Mortgagor shall keep Property insured against loss by fire, flood, theft ~nd other hazards and risks reasonably associated with the Property due to its type and 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 rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Let{der attd shall iuclude a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately not~' 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 prenfiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. L :rider tnay make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed m 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 ts acquired by Lender, Mortgagor'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 the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided ~n 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 neccssa~', Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt. Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty bem:eeu 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 that Lender and any party to this Security Instrumen~ may extend, modify or make auy change in the terms of this Security Instrument or any evidence of debt w~thout Mortgagor's consent, Suet: 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; SEVERABIL1TY; INTERPRETATION. This Secunb. Instrument is governed by the laws of the EQ150D (3/2001) jurisdictiou iu which the Property is located, except to the extent otherwise required by the laws of thc jurisdiction where the Properff is located. This Securi~ InsXument is complete and fully iutegrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that cmffiicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written 'agreement. If any section of this SecuriW Instrument cannot be e~orced according to its terms, that section will be severed and will not ~fect the eIfforceability of the remainder of this Security Instrument. Whenever used, the sin~lar shall include the plural and the plural the singular. The captions and headings of the sections of this Securiff Instrument are for convenience only aud are not to be used to ~nteCret or define the terms of this Security Instrument. Time is of the essence in this Securih, Iustrmnent. In the event any section of this Securi~ Instrument directly cm~icts with any section of a certaiu Home Equity, Closing Handbook which contains the Account Agreeinent Terms and Conditious fas applicable), Fixed Rate Note Terms and Couditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Floo~roperW Iusurance, all of wtfich I agree to by s~gning this Security Instrument, the terms of the Home Equity Closing Handbook shall control 23. NOTICE. Unless othenvise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate parW'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, WAIVE RS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets. aud hereby releasing and waiwng all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TEllS. If checked, thc loll owing are applicable to this SecufiW Instrument: Line of Credit. The Secured Debt includes a revoMng line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Secm'itv Instrument will remain in effect until released Construction Loan. This Securit~ Instrument secures an obligation incurred for the const~ction of au improvement on the Proper~. ~ Fixture Filing. Mortgagor grants to Lender a securiw interest in all goods that Mortgagor owus now or in the future and that are or will become fixtures relates to the Properw. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for pu~oses of Article 9 of the Uniform Conunercial Code. ~ .Additional Terms, SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument aud m any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. HOOF'ES /,/~/ C~ j/ Mortgagor "/ Dat~ Mortgagor / ' /¢~te Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ!50E (3/2001) 0~74790 34 8 ACKNOWLEDGMENT: (Individual) STATE OF__ .., The foregoing ills~ment was acknowledged before this l~ ~t'x.. _day of ~S ' ", ~ [' ' Wih~s] inyff~] official, seal. (Si~re ofO~ce~:) ' My Comnfission Expires: ~~.. ~, ~10 ~ ~ Seal~ ACKNOWLEDGMENT: (Individual) STATEOF_ LU1 O,')~ cOUNTy oF _: ~. The foregoing instrument was acknowledged before me by ~ ~ ~ 0~.. this. ~kk[ day of_ ~t.~M , ~)~ [ -.._ Witl.;S~. n}~a~,ltd, offi?ial seal (Si~m~re ~f G~]cer) (Titl~ of OI~c~ My Commission Expires: EQ150F (3/2001)