HomeMy WebLinkAbout8854318 8 5'I 3 1
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RECEIVED
LINCOLP,~ 30dNTY CLERK
State of Wyoming
6544494849
Space Above This Line For Recording Data
MORTGAGE
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is lo/2.8/2. 0.02 ......... and the parties, their
addresses and tax identification numbers, if required, are as follows:
MORTGAGOR:Charles E. Wade, And
Betty G Wade, Husband And Wife, As
Tenants By The Entireties
785 Strawberry Hill Dr, Thayne, WY 83127
[~] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and
acknowledgments.
LENDER: Wells Fargo Bank, N.A.
420 Montgomery Street
San Francisco, CA 94104
CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which 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:
See attached Exhibit A~ TAX ID# 6-33-118, Line Rider
The property is located inL!nco!n. .............................. at 785 Strawberry Hill Dr
(County}
........ Thayne
(Address) .............................. Wyoming8 $127 ............
(City) (ziP Code)
Together 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 future improvements, structures, fixtures, and replacements that may
now, or at any time in the future, be part of the real estate described above (all referred to as "PrOperty").
MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall
not exceed $8~2.,000 ,.00 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 perform any of 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 terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described
below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s)
secured and you should include the final maturity date of such debt(s).)
~.ight Hundred Ninety Two Thousand And 0/100 11/20/2012
WYOMING. HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE)
1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98
-C465(WY) {9901) VMP MORTGAGE FORMS- (800)521-7291
B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under
promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executea
after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one
person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future
advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more
Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even
though all or part may not yet be advanced. All future advances and other furore obligations are secured as if made on
the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make
additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing.
C. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law,
including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor
and Lender.
D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the
iPnrs~PruertmYenat.nd its value and any other sums advanced and expenses incurred b~,' Lender under the terms of this Security
In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any additional
indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's
principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced
in paragraph A of this Section).
5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the
Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make
additional extensions of credit and reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender
does not waive Lender's right to later consider the event a breach if it happens again.
Payments. Mortgagor agrees that all payments under the Secured Debt will be paid wheh due and in accordance with the
terms of the Secured Debt and this Security Instrument.
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 to make all payments when due and to
perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to re'quest
any future advances under any note or agreement secured by the lien document without Lender's prior written approval.
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 evi.dencing Mortgagor's payment. Mortgagor will defend title to the
Property against any claims that would impair the lien of this 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.
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 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, claims 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
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.
Authority to. Perform, If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument,
Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create
an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other
rights under the law or this Security Instrument.
t~e. as..eholds; _Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if
Is ~ecurity Instrument is on a leasehold. If the Property includes a unit in a condominium o
M, ortga, gor ,w!ll perform all of Mortgagor's duties under the covenants, b" laws or -- ' .r. a plan:n~ e.d unit d, evelopment,
pmnnea unit aeve~opment ~,- , regutauons ot the conaominium or
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's 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.
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 premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the
insurance carrier and Lender. Lender may make proof of loss 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
1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 ~ /{P~7~ 2~ of 4J
extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be ,:~.i.
to the Mortgagor. If the Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resu:~;in~:
from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately
before the acquisition.
Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or
information Lender may deem reasonably neCessary. Mortgagor agrees to sign, deliver, and file any additional documents
or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgager's obligations under this
Security Instrument and Lender's lien status on the Property.
DUE ON SALE. Lender may, at lis option, declare the entire balance of the Secured Debt to be immediately due and
payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the
restrictions imposed by federal law (12 C.F.R. 591), as applicable.
DEFAULT. Mortgagor will be in default if any of the following occur:
Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is
an open end home equity plan.
Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment
when due.
Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects the Property or Lender's rights
in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the
Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to
maintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on
the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this
Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is
adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Mortgagor and subjects
Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the
Property and as a result, Lender's interest is adversely affected.
Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to
Lender or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations.
REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument,
Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is
in 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.
At the option of the 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 anytime thereafter.
Lender shall be entitled to, without limitation, the power to sell the Property.
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 Mortgager's default, Lender does not waive Lender's right to later
consider the event a default if it happens again.
EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches
any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants
or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting,
preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and
will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms
of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or
protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to,
reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried
employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the
reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under
the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any
recordation costs of such release.
10. 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 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 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 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 the violation of any Environmental Law.
1894. Bankers Systems, inc., St. Cloud, MN Form OCP-REMTG.WY 10/7/98
-C465(WY) 1990~)
11. ESCROW FOR TAXES AND INSURANCE, Unless otherwise provided in a separate agreement, Mortgagor will not bc~
required to pay to Lender funds for taxes and insurance in escrow.
12. 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
between 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. The duties and benefits of this Security Instrument shall bind and benefit the successors
and assigns of Mortgagor and Lender.
13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security
Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or
any agreement related to the Secured Debt that conflicts 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 enforced '
according to its terms, that section will be severed and will not affect the enforceability 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 and are not to be used to interpret or define the terms of
this Security Instrument. Time is of the essence in this Security Instrument.
14. 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 I of this Security Instrument, or to any other address designated in writing. Notice
to one mortgagor will be deemed to be notice to all mortgagors.
15. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and
assets and all homestead exemption rights relating to the Property.
16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a
zero balance, this Security Instrument will remain in effect until released.
17. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the
extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations.
18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and
amend the terms of this Security Instrument.
[C~k all applicable boxes]
L--J Assignment of Leases and Rents [] Other !tome. ~.ffu!t.y..L:l, ne R;~der
19. ~ 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.
(Date)
AC~OWLEDG~NT:
STATE OF ~
.................................. COUNTY OF~ncoln ) ss.
(Individual) This instrument was ac~owledged before me this
My co~ission expires: ~¢ [~¢~eo~ .........
1994 Bankers Systems, inc., St. C{oud, MN Form OCP-REMTG-Wy 10/7/98
'C465(WY) (9901)
(page 4 of 4)
iExhibit "A"
All of Parcel B as shown on Plat No. 267-A filed in the Office of the Clerk of LincOln County
titled, "PLAT TO ACCOMPANY PARCEL DIVISION APPLICATION FOR STRAWBERRY
HILLS, LLC PARCELS A AND B WITHIN GLO LOTS 4, 5, AND 6 SECTION 6 T33N
R118W AND PART OF NE1/4SE1/4 SECTION 1, T33N R119W LINCOLN COUNTY,
WYOMING", dated August 2000 and revised 6 September 2000.
together with a
Right of ingress and egress asdescribed in 'Warranty Deed recorded September 28, 2000, Book
453 P.R., Page 33.
(Open end credit with L_J fixed rate
L~J variable rate
Equity Line
Rider
interest)
This Equity Line Rideris dated 10/28/20o2 andis an amendmentto
the Mortgage or Deed of Trust ("Mortgage") of the same date given by the undersigned,
Charles E. Wade, and Betty ~ Wade, husband and wife, as
tenants by the entireties
("Borrower") to secure Borrower's Equity Line Agreement with Wells Fargo Bank, N.A.
("Lender") of the same day covering the property described in the Mortgage and located at:
785 Strawberry Hill Dr
Thayne , WY 83127
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.
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 (1/366 in
leap years) of an annual rate of-0.510 % plus the "Index Rate". The daily
periodic rate may increase if the highest prime rate published in the Wall Street Journal
"Money Rate" table (the Index Rate") increases. The initial daily periodic rate is
~0. 0003.23 %, which corresponds to an initial annual percentage rate of
4.49 %. The annual percentage rate will never be more than :1.2%
and never less than 4.49 %. The daily periodic rate will be adjusted on the
first day of the billing cycle, using the Index Rate published the last business day of the
prior whole calendar month. Any increase in the daily periodic rate may increase the
monthly payment due.
NOTICE: THIS MORTGAGE SECURES CREDIT IN THE AMOUNT OF$ 892,000.00
LOANS AND ADVANCES Up TO THiS AMOUNT, TOGETHER WiTH iNTEREST, ARE SENIOR T(~
IN.~_~~.)EDNESS TO O/THER CREDITORS
A~ ~l~ UNDER ,~UBSEQUENTLY RECORDED OR FILED
Charles E. Wade Date B'~ty~ Wade ' Date
(Multistate)
LE2001 (021902}