HomeMy WebLinkAbout872668Prepared by Tabbie Thew of Wells Fargo
Consumer Loans, Tel. (719) 53 6- 380 -3021
3rd. Ave., North Billings, MT 59101
*WHEN RECORDED MAIL TO:
Optima is.com 1920 Main St. #450,
Irvine, CA 92614
4514598830
THIS MORTGAGE is made this 20
Chuck Hillstead, And
Jolynn Kay Hillstead, Husband And Wife
(herein "Borrower and the Mortgagee,
Wells Fargo Bank West, N.A.
existing under the laws of United States of America
4455 ArrowsWest Drive, P.O. Box 49069
Colorado Springs, CO 80949 -9069
Tax ID# 9 -4 -06 -201
872668
MORTGAGE
day of March 2001
RECEIVED
LINCOLN COUNTY CLERK
01 APR 115 Ali 8: I9
JEANNE i AGNER
KEMMEf ER, WYOMING
BOOK 46 pR PAGE S
a corporation organized and
between the Mortgagor,
whose address is
(herein "Lender
WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. 7, 000.00 which
indebtedness is evidenced by Borrower's note dated 3 /20 2 0 01 and extensions and renewals
thereof (herein "Note providing for monthly installments of principal and interest, with the balance of indebtedness, if not
sooner paid, due and payable on 3/20/2011
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all
other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the
performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey
to Lender, with power of sale, the following described property located in the County oftdncoln
State of Wyoming:
See attached Exhibit A, Line Rider
which has the address of 270 A S treet Bedford
[Street] [City]
Wyoming 83112 (herein "Property Address
[ZIP Code]
TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances
and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the
foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as
the "Property."
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant
and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances
of record.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness
evidenced by the Note and late charges as provided in the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum
(herein "Funds equal to one twelfth of the yearly taxes and assessments (including condominium and planned unit development
assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one twelfth of
yearly premium installments for hazard insurance, plus one twelfth of yearly premium installments for mortgage insurance, if
any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable
estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes
such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
WYOMING SECOND MORTGAGE 1/80 FNMA /FHLMC UNIFORM INSTRUMENT
76(WY) (89121.01
Page 1 of 4
ELECTRONIC LASER FORMS, INC. 1800)327 -0545
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11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any
Borrower who co -signs this Mortgage, but does not execute the Note, (a) is co- signing this Mortgage only to mortgage, grant
and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on
the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify,
forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's
consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property.
12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower
provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower
at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any
notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may
designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been
given to Borrower or Lender when given in the manner designated herein.
13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction
in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other
provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the
provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees"
include all sums to the extent not prohibited by applicable law or limited herein.
14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of
execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation,
improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require
Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses
which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the
Property.
16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it
is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this
Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this
Mortgage.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted
by this Mortgage without further notice or demand on Borrower.
NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach;
(2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to
Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified
in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower
of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or
any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the
notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and
payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law.
Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this
paragraph 17, including, but not limited to, reasonable attorneys' fees.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in
possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale
to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property
shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any
sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale,
including, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this
Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto.
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to
Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage
discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale
contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which
would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other
covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender
in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as
provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as
Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's
obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this
Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower
hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17
hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable.
76(WY) (8912).01
Page 3 of 4
Initials:
Form 3851
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(Open end credit with E fixed rate variable rate
This Equity Line Rider is dated 3/20/2001
the Mortgage or Deed of Trust "Mortgage of the same date
Chuck Hillstead, And
Jolynn Kay Hillstead, Husband And Wife
x
Chuck Hillstead
(Multistate)
8502001 (owl)
Date Jol n Kay Hillstead
ELECTRONIC LASER FORMS, INC. 1800)327 -0545
Equi
interest)
541
Line
ider
and is an amendment to
given by the undersigned,
"Borrower to secure Borrower's Equity Line Agreement with Wells Fargo Bank West, N.A.
"Lender of the same day covering the property described in the Mortgage and located at:
270 A Street
Bedford WY 83112
In addition to the covenants and agreements made in the Mortgage, Borrower and Lender further
covenant and agree as follows:
1. The word "Note as used in the Mortgage and this Rider, refers to the Equity Line
Promissory Note and Credit Agreement.
2. The Note evidences an open end revolving line of credit agreement between Borrower and
Lender under which future advances may be made. The amount stated in the Mortgage as
the principal sum of the indebtedness is the credit limit for the line of credit. All advances
made at any time by Lender in accordance with the terms of the Note are obligatory and all
such advance, and all interest on the advances, shall be secured by the Mortgage.
However, at no time shall the principal amount of the indebtedness secured by the
Mortgage, not including sums advanced in accordance with the Mortgage to protect the
security of the Mortgage, exceed the stated credit limit for the line of credit.
3. The Note provides for:
a fixed rate of interest expressed as a daily periodic rate of This
corresponds to an annual percentage rate of
a variable rate of interest expressed as a daily periodic rate equal to 1/365 of an
annual rate of 4.500 plus the "Index Rate The daily periodic rate may
increase if the highest prime rate published in the Wall Street Journal "Money Rates"
table (the "Index Rate increases. The initial daily periodic rate is 0.035616
which corresponds to an initial annual percentage rate of 13 The
annual percentage rate will never be more than 21 The daily periodic rate will
be adjusted on the last business day of every month, using the index rate in effect that
day. Any increase in the daily periodic rate may increase the monthly payment due.
NOTICE: THIS MORTGAGE SECURES CREDIT IN THE AMOUNT OF 7,000.00
LOANS AND ADVANCES UP TO THIS AMOUNT, TOGETHER WITH INTEREST, ARE SENIOR TO
INDEBTEDNESS TO OTHER CREDITORS UNDER SUBSEQUENTLY RECORDED OR FILED
MORTGAGES AND LIENS.
Date
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