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HomeMy WebLinkAbout888486Recording requested by: Wells Fargo Bank, Wells Fargo Bank, N.A. P. O. BOX 31557 ' BILLINGS, MT 59107 BOOK 515PRPAGE 0 I 0 DOCUMENT MANAGEMENT State of Wyomlng- · . 'Space Above Tiffs Lb~e For Recordir REFERENCE :/¢: 20030297400208 ACCOUN~/:/: 965i4- MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of tlris Mortgage ("Security Instrument") is 02 ! 25 ! 21003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: RALPH E. GREENE AKA RALPH E. GREENE, III AND KASSIE ORE HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES [] ~ checked, rear to the attached Addendmn inco¢orated herein, ~r additional Mortgagors ihei] acknowledgments. . , LENDER: Wells Fargo Bank, N.A. , P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, ~e receipt and sufficiency of wl~chiis the Secured Debt (defined below) and Mortgagor's performance under this Security Inst~m~nt, conveys, mortgages and wa~ants to Lender, with power of sale, the ~llowing described property: BEGINNING 699 FEET SOUTH OF THE NORTHEAST CORNER OF SECTION 151, T33N R118W OF THE 8TH P.M., LINCOLN COUNTY, WYOM NG AND RUNNINiG THENCE WEST 198 FEET; THENCE SOUTH 185 FEET; THENCE EAST 198 FEET; THENCE NORTH 185 FEET TO THE POINT OF BEGINNING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. The property is located in L I NCOLN at: (County) 4534 COUNTY ROAD 123 BEDFORD, WY 83112 and parcel number of 33181510022500 together with all rich!s, ehsm royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water Ist°Ck a improvements, structures, fixtures, and replacements that may now or at any time 'in the future be described above (all referred to as "Property"). MAXIMUM OBLIGATION LiMIT. The total principal alnount secured by fids Security!Instrur exceed $ 46,000.00 . This limitation of amount does not include interest and iother fi pursuant to tkis Security Instnunent. Also, tlfis limitation does not apply to advances made :urn Instrmnent to protect Lender's security and to perform any of the covenants contained in tlfis Sdcm SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as ~follbw: A. Debt incurred under the terms of the pronfissory note, revolving line of credit, contract, debt dated 02 / 25 / 2003 together with all alnendments, extensions, modifications ianc maturity date of 02 / 25 / 2043 B. All future advances from Lender to Mortgagor under such evidence of debt. All future ad on the date of this Security Instrument. Nothing in tkis Security Agreement shall Constitt ECEIVED COIJNTY CLERK Data- 554-6453309- 1998 --NE , 'signatures and tcknowledged, and to secure Mortgagor grants, bargains, aents, appurtenances, ad all existing and fi~ture an of the real estate lent at any one tiine shall not :es and charges validly made .er the terms of tltis Security ty Instrument. ~aranty or other evidence of renewals, and having a vances are secured as if made tea comnfitment to make EQi50A (06~ additional or future loans or advances which exceed the amount shown in Section 3. iAn such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, 6r {)the: ¥ise protecting the Properly and its value and any other sums advanced and expenses incurred by Lender und¢ the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due tnd in 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 iagrees: 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 advancesi under.~ny 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 lto ]~rovide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor ~ rill defend title to the Property against any claims that would impair the lien of the Security Instrument, Mortgagor agrees t0 as~:ign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor oi m; tterials to ~naintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment oriem:umbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, tlien at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby inm~ediately due and pay able, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lelnde r is prohibited by law: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will ke~p the ~roperty in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow an)' Wasie, ~mpairment, or deterioration of the Property Mortgagor will keep the Property free of noxmus weeds and grasses. Mortgago~ agrees that the nature of the occupancy and use will not substanUally change ~lthout Lender s p mr written consent. Mortgagor will not penmt any change in any license restrictive covenant or easement without Lender's prior written consent.! Mortgagor will notify Lender oi' all de~nands, proceedings, claims, and actions against Mortgagor and of any loss or damage t6 th~ Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purp~>se of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection speckling a ~easbnalde purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in ino Way 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of theI coyen~ Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor apt~ to sign Mortgagor's name or pay any amount necessary for performance. Lender's right t~ pe create an obligation to perform, and Lender's failure to perform will not preclude Lender froTM e) rights under the law or this Security Instrument. If any construction on the Property iS di~co~ reasonable manner, Lender may take all steps necessary to protect Lender's security in!ere completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conve,. Lender as additional security all the right, title and to any and all existing or future leases, subl~ verbal agreements for the use and occupancy of any portion of the Property, including any extensfl substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all refe~ will promptly provide Lender with true and correct copies of all existing and future Le~ses.i IX, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security !Insl Mortgagor agrees that this assignment is immediately effective between the parties to this Secfirit) that this assignment is effective as to third parties when Lender takes affirmative action i pre assignment will remain in effect during any redemption period until the Secured Debt is satisfied. may take actual possession of the property without the necessity of commencing legali action deemed to occur when Lender, or its agent, notifies Mortgagor of default and demandsi that a , I directly to Lender. On receiving notice of~default, Mortgagor will endorse and delixeri to iLer Mortgagor's possession and will receive an) Rents in trust for Lender and will not commingle ti Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warra~ the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and ireq9ire terms of the Leases and applicable law. : 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgago provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: EQ150B (06/2002) rely on Lender's inspection. tnts contained in this Security ~ints Lender as attorney in fact fform for Mortgagor shall not ercising any of Lender's other ttinued or not carried on in a st in the Property, including 's, mortgages and warrants to :ases, and an), other written or }ns, renewals, ~nodifications or red to as "Rents"). Mortgagor iortgagor may collect, receive, rument. Instrument, Mortgagor agrees scribed by law, and that this Mortgagor agrees that Lender and that actual possession is ~y tenant pay all future Rents der any payment of Rents in te Rents with any other funds. ~ts that no default exists under any tenant to comply with the agrees to comply with the ondominium Project or is part A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under th~ "Constituent Documents" are the: (i) Declaration or any other document which creates the C6nd{ any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessmentsi imPos Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender. coverage in the amounts, for the periods, and against the hazards Lender requires, including fire the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazm Property is demned satisfied to the extent that the required coverage is provided by the oxvner's A shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the eve: insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the Unil proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for appiication Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to ~naintain flood insurance for the life of tile . Secu as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonabl~ Association maintains a public liability insurance policy acceptable in form, amount, and lext E. Condemnation. The proceeds of any award or claim for damages, direct or conseqfient connection with any condemnation or other taking of all or any part of the Property., whCthek ot elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be Paid to be applied by Lender to the sums secured by the Security Instrument as prowded ~n Sectmn 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and withl Lc either partition or subdivide the Property or consent to: (i) the abandonment or terminati!on of PUD, except for abandonment or termination required by law in the case of substantial destruct~gn the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision Of the provision is for the express benefit of Lender; (iii) termination of professional manageme management by the Owners Association; or (iv) any action which would have the effect of re insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when them. Any amounts disbursed by Lender under this section shall become additional debt of Mortga Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts Shall be~ disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debti faiis Mortgagor will be in default if a breach occurs under the terms of tiffs Security Instrument!or an~ the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by L~nd~ insecure with respect to any person or entity obligated on the Secured Debt or that the prospect 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 Lenderi to Prox the right to cure or other notices and may establish time schedules for foreclosure actions, i Subje¢ Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner pr0vit default. At the option of Lender, ail or any part of the agreed fees and charges, accrued interest andl prihci[ due and payable, after giving notice if required by law, upon the occurrence of a default ~or any~ Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this related documents, including without limitation, the power to sell the Property. All remedies are exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or n, acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balm after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require c, default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender'si rig a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COST5 law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant : Mortgagor will also pay on demand any amount incurred by Lender for insuring inspecting, prese] the Property and Lender's security interest. These expenses will bear interest from the date of the the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees ' incurred by Lender in collecting, enforcing Or protecting Lenders' rights and remedies underI th/ EQ150C (06/: 012 onstituent Documents. The ~minium Projects or PUD and regulations; and (iv) other d pursuant to the Constituent ~ccepted insurance carrier, a md which provides insurance and hazards included within d insurance coverage on the ssociation policy. Mortgagor it of a distribution of hazard or to common elements, any to the sums secured by tlfis red Debt which is acceptable, : to insure that the Owners ent of coverage to Lender. al, payable to Mortgagor in the unit or of the comxnon ,ender. Such proceeds shall ~der's prior written consent, ~e Condominiuin Project or ,y fire or other casualty or in ~e Constituent Documents if nt and assumption of self- ndering the public liability [ue, then Lender may pay ;or secured by this Security tr interest from the date of o Mortgagor requesting ~ make payment when due. other document executed for r that Lender at any time is any payment or the value of ide Mortgagor with notice of t to these limitations, if an3,, .ed by law if Mortgagor is in al shall become immediately ime thereafter. In addition, Security Instrument and any distinct, cumulative and not )t expressly set forth. The tce is due or is accelerated or )mplete cure of any existing ht tO later consider the event · Except when prohibited by n tiffs Security Instruinent. ring or otherwise protecting payment until paid in till at o pay all costs and expenses Security Instrument. This amount may include, but is not lixnited to, attorneys' fees, court costs, and other legal expdnseg. ' attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain ih agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, without limitation, the Comprehensive Environmental Response, Compensation and LiabilRy Act ( seq.), and all other federal, state and local laws, regulations, ordinances, court orders, atto!ney ge letters concerning the public health, safety, welfare, environment or a hazardous substance;I and (2 any toxic, radioactive or hazardous xnaterial, waste, pollutant or contaminant which l!as ~ha: substance dangerous or potentially dangerous to the public health, safety, welfare or environment limitation, any substances defined as "hazardous material," "toxic substances," "hazardous Was under any Environmental Law. i Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no HazarOou~ St stored or released on or in the Property. This restriction does not apply to small quantJ that are generally recognized to be appropriate for the normal use and maintenance of the B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor iand! ew shall remain in full compliance with any applicable Environmental Law. 1 I C. Mortgagor shall immediately notify Lender ff a release or threatened release of a Hazardo~ or about the Property or there is a violation of any Enwronmental Law concerning ithe Mortgagor shall take all necessary remedial action in accordance with any Environmefital D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason or threatened investigation, claim, or proceeding relating to the release or tfireaiem Substance or the violation of any Environmental Law. : 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or th[eat~ne~ entities to purchase or take any or all of the Property through condemnation, eminent domain~ or 0. I3 ['his amount does not include 'ect until released. Mortgagor Environmental Law means, CERCLA, 42 U.S.C. 9601 et neral opinions or interpretive Hazardous Substance means acteristics which render the . The term includes, without e" or"hazardous substance" bstance is or will be located, ties of Hazardous Substances Property. :fy tenant have been, are, and ~s Substance occurs on, under Property. In such an event, Law. ~ believe there is an), pending :d release of any Hazardous [ action, by private or public any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions 6r claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation ori other taking of all or any part of the Property. Such proceeds shall be considered paylnents and will be apphed as promded m tfiis SecunW Instrument Tlns ass~gmnent of proceeds ~s subject to the terms of any prior mortgage, deed of trust, security agreement or other hen docmnent. 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 ~ts type and locatmn. This ~nsurance shall be mmntmned m th~ amounts and for the periods that Lender reqmres. The ~nsurance carrier providing the ~nsurance shall be chosen by Mortgagor subject to Lender s approval, which shall -not be unreasonably withheld. If Mortgagor fails to maintain the coverage describe~ ~alpove, Lender ~nay, at Lender's option, obtmn coverage to protect Lender s rights ~n the Property according to the terms of this Sechnty Instrument. All insuran,c,e policies and ren,e, wals shall be acceptable to Lender and shall include a standard'~lmortgage clause" and, ,,'here applicable, loss payee clause. Mortgagor shall immediately notify Lender of cancellation !or [ermination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor ~ha immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immech~te ~tice to rite 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 ~ >air of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any apphcatmn of proceeds to pnnCtl: shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess xwl ,e paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resultin from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before!th acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agre{:ment, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will pr~vid~i a Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agreeg :o sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, contim ~, 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 B~)UND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument hut 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 secureg a ~aranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any acticn 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 Instrument may extend, modi ~y or ~nake any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent, iSuch a change will not release EQ150D (06/2002) Mortgagor from ths terms of this Security Instrmnent. the successors and assigns of Mortgagor and Lender. The duties and benefits of this Security !nst 014 -ument shall bind and benefit 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is go'/erued by the laws of the jurisdiction in wlfich the Property is located, except to the extent othenvise required by the laws ioft Property is located. This Security Instrument is complete and fully integrated. This SecuritY InStr~ modified by oral agreement. Any section in tiffs Security Instrument, attachments, or any agreemeJ that conflicts with applicable law will not be effective, unless that law expressly or impliedly pen agreement. If any section of this Security Instrument cannot be enforced according to its termsI th: will not affect the enforceability of the remainder of this Security Instrument. Whenever iused, t plural and the plural the singular. The captions and headings of the sections of this SecUrity In: only and are not to be used to interpret or define the terms of this Security Instrument. Time js ~ the essence in tiffs Security Instrument. In the event any section of tlfis Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Con&tlons (as apphcable), 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 tlfis Security Instrument, the terms of the Home Equity Closing Handbook slmll control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or bY maili ag it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's [ec~,rds, or to any other address designated in writing. 24. WAIVERS. Except to the extent prolfibited by law, Mortgagor waives any right regarding the m~ and hereby releasing and waiving all rights under and by virtue of the homestead exemption~ laWs o: 25. OTHER TERMS. If checked, the following are applicable to tiffs Security Instrument: i-X-1 Line of Credit. The Secured Debt includes a revolving line of credit provision,i Althot: reduced to a zero balance, this Security Instru~nent will remain in effect until releasedz ~ Construction Loan. Tlfis Security Instrument secures an obligation incurred forl thei coa on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgal and that are or will become fixtures relates to the Property. Tlils Security Instrument suf and any carbon, photographic or other reproduction xnay be filed of record for Purpose: Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to tkis Security Instrument. The covenants an agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Ix tstrument. ~ Tlfird Party Rider [te~ Leasehold Rider ~ Other : SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained ih thi attaclunents. Mortgagor also acknowledges receipt of a cop)' of this Security Instrument on the dat~ Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor he jurisdiction where the ment may not be amended of tt related to the Secured Debt tilts the variations by written it section will be severed and ae singnlar shall include the ;trument are for convenience trshalling of liens and assets, this state. gh the Secured Debt may be tstruction of ,an improvement or owns now or in the future 5ces as a financing statement of Article 9 of die Uniform :curity Instrument and in any stated on page 1. Date Date Date Date Date RALPH E GREENE Date EQ150E (06/~ ACKNOWLEDGMENT: (Individual) STATE OF ~x/y o -~ ;~ COUNTY OF L~ aco~a The foregoing instrument was acknowledged before me by this 26 ~ day of ~e_,~ocu~, r~ Wimess n~ ha~ official seal. (Title of Officer) V My Conunission Expires: ~ /); ~._~ 0'15 ACKNOWLEDGMENT: (Individual) STATE OF L0Jdng, f COUNTY OF Ln,'A'q The foregoing instrument was acknowledged before me by this ~OF2t~ day of ¢'~af~_~.,r~ I Wimess m~ h~d,~d official seal. (Signature of Ofticer) (Title of Officer) | My Compression Expires: EQ150F (06/2002) Counly of 3TARY PUBLIT3 Stal~ of Wyoming