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HomeMy WebLinkAbout876764 Recording requested by: WELLS FARGO BANK, N.A. When recorded return to: P, O, BOX BILLtNOS, MT 59102 "BOOK ~tf~PRPAGE I O .t -' ~2 /fl 8:,~l DOCUMENT MANAGEMENT "~-'- ....... State of Wyon~g - - ---Space At~ove xnis bine For Recol'dh~g Data ~FE~NCE~: 20012402600310 - ACCO~T~:O654-E54-105817-7-~J/{~5 MORTGAGE (With Future Advance Clause) 1. DAT~ AND PARTIES. The date of this Mortgage ("Security Instrmnent") is 09 / and the parties, thdr addresses aud tax identification numbers, if (¢quimd, are as follows: MORTGAGOR: WILLIAM M. PAYNE AND PATSY M. PAYNE, HUSBAND AND WIFE, AS JOINT fENANTS WITH RIGHTS OF SURVIVORSHIP ~ If checked, tefra' ~o thc attached Addendum incorporated hereto, for additional Mortgagors their signatures and acknowledgmentS. LENDER: WELLS FARGO BANK, N.A. P. O. BOX 3~552 B~LLiNOS, MT 5910~ 2. CONV~YANCE. For good and valuable consideration, thc receipt and stffficiency of which is acknowledged, and to secure the Secured Debt (defined bGlow) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgage's and warrants to Lender,. with power of sale, the following described property: PART OF SECTION 31, T32N, R~lOW, OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEOINNING AT A POINT THAT iS S46 DEGREES 38 MINUTES E. 1048 FEET FROM NORTHWEST CORNER OF SAiD SECTION 31 AND RUNNING '[HENCE S2 DEOREES MINUTES E, 24.~5 FEET; THENCE N82 DEGREES 22 MINUTES W, 142.5 FEET; THENCE S2 DEGREES 12 MINUTES W, 115.5 FEET; THENCE S89 DEOREES 54 MINUTES E, 142.5 FEET; THENCE N2 DEGREES ]2 MINUTES E, 86.25 FEET, MORE OR LESS TO THE POINT OF BEG NNI The property is located in L NCO EN at: 105 EAST 2TH AVENUE AFTON, 83110 and parcel number of 32183120306700 together with all rights, easements, appurtenances, royalties, nfineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fi~ture improvements, structures, fixtures, and replacements 'that may now or at an3, time in the furore be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 100,000. O0 . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perfornt 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, revolving line of credit, contract, guaranty or other evideuce bf debt dated 09 / 27 / 2001 together with all amendments, extensions, modifications and renewals, and having a maturi .ty date of 09 / 27 / 2031 B. All future advances fi'om Lender to Mortgagor under such evidence of debt. All fi~ture 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 axnount 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 Properly and its value and any other sums advai~ced and expenses incurred by Lender under the terms of this Secnrily Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with th~ terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, de~d 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 ffozn 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. ?. 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 all or 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, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, ctai~ns, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter 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 tile inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's naxne or pay any amount necessary for performance. Lender's right to perfortn 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 thc 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 Properly, 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, ~nodifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will proxnptly provide Lender with tree and correct copies of all existing and fi~ture Leases. Mortgagor ma), collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under ttid terms of tkis 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 redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to~ Occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of defaultl 'Mortgagor will endorse and deliver to Lender an), 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 landlordTtenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of tile 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 CondoIninium Project or is part of a Planned Unit Development ("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 any other document which creates the Condominium Projects or PUD and an5, homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (ix,) other EQ150B (3/200I) _ equivalent documents. Mortgagor shall promptly pay, wherr due, all dues and assessments iniposed pursuant to the Constituent Docmnents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage 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 cmnmon elements, any proceeds payable to Mortgagor are hereby 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 maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability iusurance 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 an)' part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to 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 prim' written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condonrinium 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 condenmation or eminent domain; (ii) any amendment-to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) tertnination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if an), 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 with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is i~npaired 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 ti~ne schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and ch.arges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the ockurrence of a default or anytime thereaffer~ In addition, Lender shall be entitled to all the remedies provided 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 payment or partial payment on the Secured Debt 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 a~nount incurred by Lender for insuring, inspecting,, preserving or othenvise 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 m collecting; enforcing or protecting Lenders' rights and remedies under this Security'Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for auy recordation costs of such release. EQ150C (3/2001) 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental 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, safety, 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 environment. The ter~n includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized 'to be appropriate for the normal use and maintenance of the Property. B. Except as 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 a violation of any Environmental Law concerning the Property. In sltch 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 the violation of any Environmental [,aw. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or anY other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of 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 the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss bY fire, flood, theft and 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 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 pr,emiums and renewal notices. Upon loss, Mortgagor shall give im~nediate notice to the insurance carrier and Lender. Lender may ;nake 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, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender. to !he extent of the Secured Debt immediately before the acquisition. !9. ESCROW FOR TAXES AND INSURANCE. Unless otherwise. ~rovided 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 demn reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor'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 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 nmrtgage 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 between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing an}, 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 part3.' to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any 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; SEVERABIL1TY; INTERPRETATION. This Security Instrument is governed by the laws of the EQ150D (3/2001) jurisdiction in which the Property is located, except '~o the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fiflly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security h~strument, attachments, or any agreement related to the Secured Debt that coxrfiicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be mfforced according to its terms, that section will be severed and will not affect the mrtbrceability of the remainder of this Security 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 convenience only aud are not to be used to interpret or define the terms of fills Security Instrument. Time is of the essence in this Security Instrument. In the event any section of this Securils, Instrument directly cmfflicts with any section of a certain Holne Equity Closing Handbook which contains the Account 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 Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by :first class mail to the appropriate party's address on page 1 of this Security Instrmnent, 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 waMng 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: [,(-] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~7Z] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property WZ] I~ixture Filing. Mortgagor grants to Lender a security interest in alt goods that Mortgagor owns now or in the filtnre and that are or will become fixtures 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 agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. WILLIAM ~ PAYNE Mortgagor /[Date ?A-I-S¥ ~4(~A¥~ E F/ Mortgagor Date ' Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (3/2001) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by ¢ ;~l~ ~,V~ gq ~ ¥ ~ ~- , klncom ACKNOWLEDGMENT: (Individual) ' STATE OF ~,L) II ff/Ylq '~, COUNTYOF l 4wt . ,d The foregoin~ instrument was acknowledged before me bY this ~ day of Witness mi, han~)an~gjficial seal, My Commission Expires: EQ150F (3/2001)