HomeMy WebLinkAbout876765 Recording requested by:
WELLS FAP, GO BANK, N.A. ~_~ C ~ I V ~ D
LIN(~OL.?,~ ~()~h~'~Y CLERK
Whe~' recorded ~t~r~ to;
P, O. 89X 31557
'Space Above T~ L~e For R~co~
~~ ~: 20012362600220 ACCO~ ~: 0654-684-1050559-0001
MORTGAGE
~ith Fu~m Advmce Cause)
I, ~A~ ~ P~T~S~ The ~tc of this Mo~gage CSec~ty I~ment').~ co ~ ~ 2 / 200
m~ ~e p~cs, thor addresses ~ t~iden~fion n~be~, ~ reqfir~, are m follows:
[] Il'checked, refer to the atlached Addendum incorporated herein, for additional Mortgagors lheir signatures ,'md
acknowledgments. '
LENDER: WELLS FARGO BANK, N.A.
P. o. BOX 3~55.7
81LLINGS, MT 5910'7
2. CONVEYANCE. For good and valuahlc consideration, the receipt and sufficiency of which.is acknowledged, and to secure
· the Secured Debt (defined below) and Mortgagors performance under this Security Instrument, Mortgagor grants, bargains.
conveys, mortgages and warrants to Lender, with power of sale, the following described property: '
LOT 21 OF AMeNDeD PLATE BRIDGER FOR'EST RANCHES, LINCOLN COUNTY WYOMING AS
DESCRIBED ON THE 0FFICIAL PLAT TH~R~2F. '
The property is located in X2J~)..QLN at:
k0T,21 PLAT BRIDGER FOREST RANCHES THAYNE, WY 'B312'7
and lxxrccl number of 12-3418-2-/-2-03-077.00 together with all fights, easements, app~tcnances, royalties, mineral
rights, oil and gas fights: all water and riparian rights, ditclms, and water stock'and all existing and future hnprovemcnts,
sLmcmtes, fixtures, and replacements that may now or at any Iime in the future be part of the real estate described above (all
referred to as "Property").
MAXI~Ui~I OBLIGATIOI~ LINIIT. The total principal amount secured by this Security Instrument at any one time shall not
exceed $11,250.00 . This limitation of amounl does not include interest and other fees and charges validly made
pursttam to fltis ,Security Instrument. Also, this limitation does not apply to advances made under the lerms of this Security
Instmmeut m protect Lender's security and to perform any ol'the covenants contained in this SecuritY Instrument.
SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incurred under the lerms of the pronfi~sory note, revolving line of credit, conuac{, guaranty or other evidence of
debt chlted 09 ! q 21200 q together with ali amendments, extensions, modilications and renewals, and having a
maturit7 date of 0O / 21 / 2006
B. All future advm]ces from Lender lo Mortgagor under such evidence of debt. All future advanccs are secu'md as if madc
on thc da~c of tl~is' Sccurity Instrument. Nothing h~ riffs Sccm-ity ^D'eement shall consdtutca commitment 1o make
additional or fumm loans or advances which exceed the amoun! shown in Section 3. Any such commitment must be
agreed to in a separate writing.
EQISOA (3/200 I)
C. All sums advanced and expenses incurred by Lendor for insuring, prese, rving, or othenVise protecting the Prop~m'y
and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security
~ Instrument.
fi. pAYlVlENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the
terms ol'the Scourged Debt ~d this Security I. nstmment.
6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
document that created a prior se~'ufity interest or encumbrance on the Property, Mortgagor agrees:
A. To make all payments when due and to perform or comply with all c~enants.
B. To promptly delivcx to Lender any notices that Mortgagor receives f~om the holder.
C. Not to allow any modification or exten~an of. nor to request any future adwances under any note or agreement secured
by the lien document without Lender's prior written consent.
?. CLAIMS AG. AI2qST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
utilities, and off, er 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 zeceipts evidencing Mongagor's payment. Mtmgagor will ddend title to the Property
· against any claims that would impair the lien of the' Security InsXrument Mortgagor agrees to asr, ign to Lender, as requested by
Lender, any r/ghts, claims or defenses Mortgagor may have against parties who ~upply labor or materials t~ maintain or improve
the Property.
8. I)IJE ON SA_LE 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 it~ sole option, Lender may,
by written notim to Morlg. agor, declaze all obligations secltred hereby immediately due and payable, except to the extent that
such acceleration for and in such particular circumstances whom exercise of such a right by Lender is prohibited by law_.
9, PROPERTY CONDITION, ALTERATIONS ANI) INSPECTION. Mortgagor will keep the Property in good condition and
make all repairs that are reasonably necessmy. Mortgagor -qhall not commit or allow any waste, impairment, or deterioration of
the Property. Mortgagor will keep the Property free o£ noxious weeds and grasses. Mortgagor agrees that the nature of the
occupancy and use v-ill 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, claims, and action~ 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 ins'peeling the Pro~rty.
Lender shall give Mortgagor notice at the time of or be. fore an inspection specifying a reasonable purpose for the inspection.
A~,y inspec-"don of the Property shall be entirely for Lender's benefit and Mortgagor will in' no way rely on Lender's inspection.
10. AUTHORITY TO PERI?OR1VL if Mortgagor fails to perform any duty or any of the covenants contained in this Security
Instrument, Lender may, without notice, perform or muse them to be performed. Mortgagor appoints Lender as attorney in fact
to sign Mortgagor's name or pay any mount necessary for performance. Lender's fight to perform for Mortgagor shall not
create an obligation to perform, and Lender's failure to perfonm will not preclude Lender fiom exercising any cfi Lender's other
rights under the law or this Security Instrument. If any construction mx the Property is discontinued or not carried on in a
reasonable manner, Lender may take all stops nceessaD' Io protect Lender'~ security interest in the P~operry, including
completion of the conslruction.
11. ASSIGNMENT OF LEASES AND RENIS. Mortgagor irrevocably grants, bargain~o conveys, mortgages and warrants to
Lender as additional security all the fight, title and to any and all exSsting or future leases, ~ubleases, ancl any other writ-tm or
verbal agreements for the uso and occupancy of any portion of the Property, including any extenai~ns, renewals, modifications or
substitutions of such agreements (all re/erred to ~ "Leasos") and rents, issues and profits (all referred to as "Rents"). Mortgagor
will promptly provide Lender with true and correct copies of all e~sting and future Leases. Mortgagor may collect, receive,
enjoy and use thc Rents so long as Mortgagor is not in default under the terms of th.is Security Instrument.
Mortgagor ag-tees that this assignment is immediately effective between the 13attics m this Se~rity Instm-ment. Mortgagor agrees
that this assignment i~ effective as to third parties when Lender takes affirmative action prescril~ctl 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
deemed to occur when Lender, or its agent, notifies Mortgagor of default and dellmndq that any tenant pay all future Rents
directly to Legder. On 'receiving notice of default, Mortgagor will endozse anti deliver to Lender any payment of
Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds.
Any mounts collected will he applied as provided in tiffs Security Instrument. MOrtgagor warrants that no default exists trader
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. LEASEItOLDS; CONI}OMINIIJMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply ~Ja the
provisions of any lease if'this Secuxity Instrmnent is on a leasehold. If the property is a unit in a Condominium Projeca or is part
ora Planned Unit Development ("PUD"), Mortgagor agrees to the following:
A. Obligations, Mortgagor shall perform all of Mortgagor'$ obligations under the Constituent Documents. The
"Constituent Documents" are the: (i) De¢l~atlon 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
~,Q~ sob
equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
B. Hazard Insurance. So long as the Owners ASsociation maintains, with a generally accepted insurance carrier, a
~'lnaStcr" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance
coverage in the fimounts, '[or the periods, and against the ha2ards Lender requires, including fire and hazards included within
the term "extended coverage" then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage an the
Propen~ is deemed satisfied to the extent that the required coverage is prm,'ided by the Owner's Association policy. Mortgagor
shall give Lender prompt notice of any lapse in required hazard insurance cm'erage. 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 roms secured by this
Security Instrmnent, with any excess paid to Mortgagor. .
C. l~lood l. nsuranet. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceplable,
as to farm, amount and extent of coverage m Lender,
D. 'Public Liability InsUrance. Mortgagor shall take such actions as may be reasonable to insure that the Owners
A~so¢iation 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 pan of thc Property, whether of the unit or of lhe common
elements, or for any ¢onv~ance in lieu of condemnation, are hereby assigned and shall be paid t0 Lender. Such proceeds shall
be applied by Lender to dm stuns sceurcd ~! the Secu.riry Instrument as Prt)vided it~ Section 18.
F, Lender's Prior Consent. Mortgagor shall not. except afler notice to Lender and with Lender's prior written consent,
either partition or snbdivide the Property or 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 eminent domain; (ii) any amendmem to any provision of the Constituent Documents if
the provision is far the ex'press benefit of Lender; (iii) lamination al' professional managcmcnt and assumption of seif-
management by the Owners Association; or (iv) any action which would have the effect of rendering the. public liability
htsurancc COverage maintained by the O~mers Association unacceptable to Lender.
G. Remedies. //Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay
them. ga~y amounts disbursed by Lender under this section shall become additional debt o/Mortgagor secured 'by this Security
I. nstannent. Unless Mortgagor ~nd Lender agree to other terms of payme, m. these amounts shall bear interest from the date of
disbursement at the Secured Debt rate and slmll be payable, with interest, upon notice fi.om Lender to Mortgagor requesting
paymenf.
1~. DEFAULT. Mortgagor will be in default if any party obligated on thc Secured Debt fails to make payment when due.
Mortgagor will be in default ifs breach occua under thc ~erms of this Security Instrument or any other document executed for
the purpose af creating,, securing or gtmrantying the Secured Debt..4, good faith belief by Lender that Lender at any time is
insecure with respect to ,'my person or entity 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 at'default.
!4. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of
the right to cure or otlmr noticcs and may establish ~ schedules for foreclosure actions. Subject to these limitations ii' 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 charges, accrued int~v,,st and principal shall become immediately
due and payable, afle~ giving notice ff required by law, upon the occarmnce of a default or anytime' thereafter, In addition.
Lender shall be entitled to all rite remedies provided by law, the terms of'the Secured Debt, this Security Instrument and any
' relatect documents, including without limitation, the power to sell flux Pr0pc-rBr' All remedies are distinct, cumulative and not
exclusive, ,an~ the, Lea. der as entitled to all r~aedies provided at law or .equity, whether or .
acceptance Lenaer Oian not expressly set forth T
~ y sum in payment or ardal ' . he
P payment On the Secured Debt alter the balance is due or is accelerated or
after foreclosure proceedings are ~ed 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 fight to later consider the event
a default ifil ~ontinues or happens again.
15. EXPENSES; ADVANCES ON COVENANTSi ATTORNEYS, }'EESi COLLECTION COSTS. Except when prohibited by
law, Mortgagor agrees to pay all ~ Lender's expenses if Mortgagor breaches any covenant in this Security Instrument.
Mortgagor will also pay on demand any amount incurred by Lender for in-raring, iaSpecting' 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 e~ffect as prodded in the tm-ms of the Secured Debt. Mortgagor agrees to pay all costs
l;n~' ' . . aud e,x-penses
incurred by Lender in collecting, cmforcing or protecting _rights, and r.em~,dies under this Security I~trument. TI~
amount may include, bnt is no! limited to, attorneys' fees, c sl~, aha omer ~ega~ expenses~ Tkis amount does no~ include
attorn~$' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect uatil r¢lca~ed. Mortgagor
agrees to pay for any recordation co,ts of suctt release.
F, Qt SaC (3ti001)
16. ENVIRON'M~qTAL LAWS AND ]]A.Z, ARDOUS SUBSTANCES. A~ used in ~ section, (1) Environmental Law meuns,
without ~limitation, the Comprehensive Environmental Respouse, Compensation and Liabilit); Act (CERCLA. 42 U.S,C. 9601 et
sgq.}, and all other federal, state and local laws, regulations, ordinances, court orders, anomcy general opinions or interpretive
letters concerning, the public health, sal'e~y, welfare, environmen~Or a hazardous subsunce; and (2) Hazardous Substance means.
an), toxic, radioactive or har. ardous material, waste, pollutant or contaminant which has characteristics which render the
substance dangerous or potentially dsngerous to the public health, safety, welfare or environment. The term includes~ w~thout
li~taLion, any substances defined as 'Lhazardous material," "toxic substances, .... luazardous waste" or "h,azardous substance"
undo' 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 lots(ed,
stored or released on or in the Propei~:y. TI~s restriction does not apply to small quantities of Haz. ardous Substances
that are generally recognized to be appropriate for the normal use and maintenance office Property.
B. Except as previously disclosed and acknowledged in w~t~ng to Lender, Mortgagor and eveo' tenant have been are, and
shall remain in full compliance with any applicable Environmental Law.
C. Mortgagor shall immediately notif~ Lender if a release or threatened release of a Hazardous Substance occurs on, under
or about the Prope~y or there is a violation of any Enxdronmental 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 notifT. Lender in writing as soon as Mortgagor has reason to believe there is any pending
or threatened investigation, claim~ or proceeding celating tc~~ fi'~e release or threatened release of any Hazardous
Substance or the violation 0f any Environmental Law.
17~ CONDEMNATION, Mortgagor w/Il g4ve Lender prompt notice of any pending or threatened action, by private or public
entities to ptuchase or rake any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor
authort2es 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 o~ex 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. Tiffs
assignment of proceeds is subject m 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 m~fl other ha~.ards and ris~ reasonably
associated with the Property due to its type and location. This insurance shall be maintained in the mounts 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 tern of this Security Instrument.
All insurance policies and renewals shall be accetxalale to Lender and shall include a standard "mortgage clause" and. where
applicable, "loss payee clause." Mortgagor shall immediately noti. fy Lender of cancellation or term/nation of fire insurance.
Lender shall have the right to hold rite policies and ~enewals. 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 carder.
and Lender. Lender may make proof of lass if 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 ex-tend or postpone
the due da~e o£ the scheduled payment nor change the mount of any payment. Any excess will be paid ~o Mortgagor. If fl~e
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 xo the extent ofttie Secured Debt immediately before the acquisition.
19. ESCROW FOR TAXES AND INSURANCE. U~es$ otherwise provided in a separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and insurance in escrow.
20/lr]2~ANCIA.L REPORTS AND ADDITIONAL DOCUMESTS. Mtrtgagor will provide to Lender upon requesl, any
financial statement or information Lender may deem reasonably ncce. ssary. Mortgagor agrees to riga, deliver,; and file any
additional documents or certifications thal Lender may consider necessary to perfect, continue, and preserve Mongagor's
obligations under this Security Instrument and Lender's lien status on the Property.
21. JOINT AND~IND!VI-BUAL LIABELITY; CO-SIGN'ERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this
Security Instrument are joint and individual. Il'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 se~xre payment of the S~urcd Debt and Mortgagor
does not agree to be personally liable on the Secured Debt. ff this Security Instrument secures a guaranty between Lcndex and
Morlgagor, 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 axe not limited to, any anti-deficiency or one-action
laws. Mortgagor agrees that Lender and any party to this Security Instrument may ex'tend, modify or make any change in the
terms of this Security Instrument or any. er/deuce of debt without Mortgagor's consent. Such a change will not rclmse
Mortgagor from the terms of this Security Instrument. The duties and benefits of tiffs Security Instrument shall bind and benefit
the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security lastrument is governed by the laws of the
EQI50D {3/2001)
174
jmisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the
Property i~ located. This Security Instnnnent is complete and fully integrated. Tlfis Security InStrument may not be amended of
modified by oral agreeanem. Any section in tltis Security hutrarnent, armclunents, or any agreement ~elated to the Secured Debt
that conflicts with ~.pplicablo law will nol be effective, unless that law expressly or impliedly permits the variations by written
agreement. If any sectim~ or' this Sera, city Instnnrtent cannot be enforced according to its terms, that section will be severed and
will not affect the enforceability of the remainder of this Security htstrmnent. 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
0nly and are not to be used to interpret or define the terms of this Security Instrument. Thne is of the e-qsencc in lhis Secm'ity
Instrtunent In the event any section of this Securivj Instrument directly conflicts with any section of a certain Home Equity
Closing Handbook which containS the Amount Agreement Terms and Conditions (as applicable), Fixed Rate Note Ierms and
Conditions (as applicable), the Arbitration ^greement, and the Agreement to Provide Flood/Property Insurance, all of which I
agree to by signing tl~ Security Instrument, the terms of the Home Equity Closing Handbook shall control.
23. NOTICE. Unless otherwise required by law, any notice shall be giv~ by delivering it orby mailing it by fit~! class mail to the
appropriste 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 ~he ex-tent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets,
and hereby releasing and wai,,Sng all rights under and by virtue of the homestead exemption laws of tiffs slate.
25. OTHER TERMS. If checked, the following are applicable to this Security Instrumenu
Line of Credit. The Secured Debt ~ncludes a revolving line of credit provision. Although the Secured Debt may be
reduced ti) a zero balance, this Security InStrument will remain in effect until released.
Com'truction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement
on the Properly.
~ Fix-lure Filing. Mortgagor grants to Lender a security interest in all goods that Morlgagor owns now or in the future
and tint are or ur11 become fi>mires relates to the Property. This Security Ins'u'um~nt niffices as a linancing statement
and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform
Commercial Code.
~ Additional Term.~.
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants conhained in this Security Instrument and in any
attachments. Mortgagor also acknowledges receipt ora copy of this Security Instrument on the date stated on page 1.
R LPH ~ GREENE I I Mortgagor Date
,Mongagor Dale
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Dale
EQI$0E (3/20ol)
ACKNOWLEDGMENT:
(Individual)
STATE OF
COUNTY OF
The foregoing instnnnent was acknowledged before me by day of
Witness my lmnd and official seal,
(S;gnatura of Ollie~)
(Seal)
My COmmiasion Expires: .,
£q15o¥