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HomeMy WebLinkAbout888493Recording requested by: Wells Fargo Bank, o When Recorded Mail to: Fidelity NationaI-LPS 8 [3 [3 P.O. BOX 19523, Irvine. CA 92623-95:}3 WFIHE ~3 PR PAGE 'LINCOLN State of Wyonfing . . Space Above This Line For Record[n, REFERENCE #: 2003017-7000469 ACCOUNT #: 06,54- MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date oftlfis Mortgage ("Security Instrument") is 02 / 20/2003 and the parties, their addresses and tax identification numbers, if required, are as follows: l MORTGAGOR: ARNOLD GAUB, A SINGLE PERSON (AS T0 LOT 73) AND ARIN01_D A SINGLE MAN (AS TO LOT -72) [] If checked, refer to the attached Addendum incorporated herein, for additional MortgagOrs !hei acknowledgments. LENDER: Wells Fargo Bank, N. A. P. O. BOX 31557 BILLINGS, MT 59107 I CONVEYANCE. For good and valuable consideration, the receipt and stffficiency of which! is the Secured Debt (defined below) and Mortgagor's perfonnance under this SecurityInstrument,' conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOTS 73 AND 72 LEON LIVINGSTON SUBDIVISION AS SHOWN BY THE OF~IC,IAL SAID SUBDIVISION FILED IN THE OFFICE OF THE CLERK OF LINCOLN COUNT'~ WYOMING, AND BEING SITUATED IN SECTION lg, TOWNSHIP 37 NORTH, RANGE WEST OF THE SIXTH PRINCIPAL MERIDIAN. The property is located in L I N C 0 L N at: , 1501 OLD ALPINE ROAD ALPINE,(C?ff~y) 83128 and parcel number of 37181940410800 together with all figh!ts, Cas( royalties, mineral fights, oil and gas rights, all water and riparian rights, ditches, and water sto~k i~nprovements, structures, fixtures, and replacements that may now or at any time in the futire be described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security InStru exceed $ 40,000.00 . This limitation of amount does not include interest and other t pursuant to this Security Instrument. Also, this limitation does not apply to advances ~nade, un Instrmnent to protect Lender's security and to perform any of the covenants contained in this Seem SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined al follow. A. Debt ~ncurred under the terms of the prmmssory note, revolving hne of credit, contract, debt dated 02 / 20 / 2003 together with all amendinents, extensions, modification~ an, maturity date of 02 / 20 / 2043 B. All future advances from Lender to Mortgagor under such evidence of debt. All fi~tuie al on the date of this Security Instrmnent. Nothing in this Security Agreement shall constit EQ150A (06/2002) ECEIVED COUNTY CLERK I Data- - 554-63951t45-19138 GAUB, r signatures and tcknowledged, and to secure Mortgagor grants, bargains, PLAT OF 118 amnts, appurtenances, nd all existing and future ~art of the real estate nent at auy one time shall not ees and charges validly ~nade ter the terms of this Security ity Instru~nent. ;: uaranty or other evidence of 1 renewals, and having a [vances are secured as if made ~te a commitment to make t additional or future loans or advances which exceed the amount shown in Section 3. i A~y s~tch commitment must be agreed to in a separate writing ~ C. All sums advanced and expenses incurred by Lender for insuring, preserving, or 6therwi;e protecting the Property and its value and any other sums advanced and expenses incurred by Lender Under ~e terms of tiffs Secnrity InstruInent. ~ 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due al in accordance with the terms of the Secured Debt and tkis Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, seCuri~ agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants, i 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 an), future advances under any 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, ilea;e payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor: to Pro~'ide to Lender copies of all notices that such amounts are due and the receipts evidencing Mongagor's payment. Mortgagor Will defend title to the ProperB, against any claims that would impair the lien of the Security Instrmnent. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or m~ter als to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or: encumbrance, whether voluniary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at ils sole option, Lender may, by ~witten notice to Mortgagor, declare all obligations secured hereby iminediately due ,a,x~d ipayabl~, except to the extent that such acceleration for and in such particular circumstances where exercise'of such a right b3 Lendek is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessar). Mortgagor shall not commit or allow any wasie impairment or deterioration of the Properly. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor I¥ill not pernfit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortghgoi will notify Lender of all demands, proceedings, clmms, and actmns agmnst Mortgagor, and of any loss or damage to the Pr0pe~ty. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the parp°se 9f inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable lmrpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no Way !tel3 on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or an), of the covenants Instrument, Lender may~ without notice, perform or cause them to be performed. Mortgagor app0int~, to sign Mongagor's name or pa), any an~ount necessary for performance. Lender's right to peffOn create an obligation to perform, and Lender's failure to perform will not preclude Lender from ex~rci rights under the law or this Security Instrument. If any construction on the Property is discontim reasonable manner, Lender may take all steps necessary to protect Lender's security interest completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, Lender as additional security all the right, title and to any and all existing or future leases, sublease verbal agreements for the use and occupancy of any portion of the Property, including any extensidns, substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred will promptly provide Lender with true and correct copies of all existing and future Leases. ] Mbnl[ enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security !nstrUm Mortgagor agrees that this assigmnent is immediately effective between the panics to this Security fins that this assignment is effecfive as to third parties when Lender takes affirmative action ~preScril assignment will remain in effect during any redemption period until the Secured Debt is satisfied, iMo may take actual possession of the property without the necessity of commencing legal action !and deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that ahy directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle thg R Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNiT DEVELOPMENTS. Mortgagor ag provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in ia Cgnd of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: contained in this Security Lender as attorney in fact n for Mortgagor shall not ging any of Lender's other .ed or not carried on in a the Property, including ~ortgages and warrants to , and an), other written or renewals, modifications or io as "Rents"). Mortgagor agor may collect, receive, ent. rument. Mortgagor agrees ~ed by law, and that tkis rtgagor agrees that Lender that actual possession is :haut pay all future Rents any payment of Rents in :nts with any other funds. mt no default exists under tenant to comply with the rees to comply with the aminium Project or is part A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the £ "Constituent Documents" are the: (i) Declaration or any other document xvhich creates the C°nd, any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) Code of onstituent Docu(~n~n~. The ~minimn Projects or PUD and regulations; and (iv) other insecure with respect to any person or entity obligated on the Secured Debt or that the prOspett o the Property is impaired shall also constitute an event of default· 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to ipro the right to cure or other notices and may establish time schedules for foreclosure actions. Sflbje Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner p?ovi default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and pdnci due and payable, after giving notice if required by law, upon the occurrence of a default orlan~ Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, ihis related documents, including without limitation, the power to sell the Property. All remedies! arc exclusive and the Lender is entitled to all re~nedies provided at law or equity whether Or acceptance by Lender of any sum in payment or partial pay~nent on the Secured Debt after the balz after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to r~quire default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lenderx's ri a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COST 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, Pres, the Property and Lender's security interest. These expenses will bear interest from the date of th~ 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 under tt any payment or the value of ,ide Mortgagor with notice of :t to these limitations, if any, fled by law if Mortgagor is in pal shall become immediately time thereafter. In addition, Security Instrument and any distinct, cumulative and not tot expressly set forth. The nce is due or is accelerated or :omplete cure of any existing ht to later consider the event Except when prohibited by in this Security Instrument. ',rving or otherwise protecting payment until paid in full at to pay all costs and expenses is Security Instrument. This equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessmentsi impos~:d pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including !fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain haza]'d insurance coverage on the Properly is deemed satisfied to the extent that the required coverage is provided by the OWnerrs .~ ssociation policy. Mortgagor shall give. Lender prompt notice of any lapse in required hazard insurance coverage. In ihe ieve at of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to ithe iuni or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secu ;ed Debt which is acceptable, as to form, amount and extent of coverage to Lender.. D. Public Liability Insurance. Mortgagor shall take such actions as may be reosonabl,' to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, andI ex :ent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequenlial, payable to Mortgagor in connection with any condemnation or other taking of all or any part of the Property, whether o the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to ,ender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section !18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination iof he Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruction >y fire or other casualty or in the case of a taking by condenmation or eminent dotnain; (ii) any atnendment to any provi~ion!oflhe Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional mhnagem,:nt and assmnption of self- management by the Owners Association; or (iv) any action which would have the effect ~f r~.'ndering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condmninium or PUD dues and assessments when ]ue, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of!Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts ~hall_ bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. ' i / , 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fa!Is lo make payment ~hen due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or 'an)' other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by L~nd gr that Lender at any time is amount may ,nc,uae, but is not limited to, attorneys' fees, court costs, and other legal expenses. '['his amount doe¢ n~tQnclude attorneys' fees for a salaried employee of the Lender. This Security Instrmnent shall remain iff et~'ect until released. Mortgagor agrees to pay for any recordation costs of such release. I i 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et ' i seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney ge neral 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 ~ha: acteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or envir0nment.e, or hazardous substance" limitation, any substances defined as "hazardous material," "toxic substances," "hazardoUs was ,The ~erm includes, without under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender no Hazardoug St~bstance is or will be located, stored or released on or in the Property Thts restrict, on does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and mmntenanc~ of the ~roperty. B. Except as previously disclosed and acknowledged in ~qfting to Lender, Mortgagor iandi 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 an)' Environmental Law concerning the Properly. In such an event, I , Mortgagor shall take all necessary remedial action in accordance with any Enviroamental Law. , D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason t~ or threatened investigation, claim, or proceeding relating to the release or tlireatem Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatene~ entities to purchase or take any or all of the Property through condemnation, eminent domain,! or authorizes Lender to intervene in Mortgagor' name in any of the above described actions Or c Lender the proceeds of any award or claim for damages connected with a condemnation orl other t Property. Such proceeds shall be considered payments and will be applied as provided ih tt assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreem, 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and o[her associated with the Property due to its type and location. This insurance shall be maintained in th that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage deschbed al option, obtain coverage to protect Lender's rights in the Prope~, according to the terms of this Sec All insurance policies and ren,e, wals shall be acceptable to Lender and shall include a standa!d applicable, "loss payee clause.' Mortgagor shall immediately notify Lender of cancellation Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor Sba all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate 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 Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to prinCip~ the due date of the scheduled payment nor change the amount of any payment. Any excess Will Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before! the 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agre~ required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide financial statement or infor~nation Lender may deem reasonably necessary. Mortgagor agrees additional documents or certifications that Lender ~nay consider necessary to perfect, gon!im obligations under this Security Instrument and Lender's lien status on the Property.. i 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS B~ Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment oflthe does not agree to be personally liable on the Secured Debt. If this Security Instrument seCUres a Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any hctit or any party indebted under the obligation. These rights may include, but are not limited to, an5 laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modi terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Sm EQ150D (06/7 believe there is any pending :d release of any Hazardous action, by private or public lny other means. Mortgagor aims. Mortgagor assigns to lking of all or any part of the is Security Instrument. This :nt or other lien document. hazards and risks reasonably : amounts and for the periods subject to Lender's approval, ~ove, Lender ,nay, at Lender's mty Instrument. mortgage clause" and, where Iermination of the insurance. immediately give to Lender ~tice to the insurance carrier >air of the Property or to the shall not extend or postpone ,e paid to Mortgagor. If the from damage to the Property acquisition. :ment, Mortgagor will not be o Lender upon request, any Io sign, deliver, and file any e, and preserve Mortgagor's ~)UND. All duties under this not sign an evidence of debt, Secured Debt and Mortgagor guaranty between Lender and ,n or claim against Mortgagor antirdeficiency or one-action ~y or make any change in the :h a change will not release Mortgagor from the terms of this Security Instrument The duties aud benefits of this Seculrity!Ins~-ument shall '~ a~d benefit the successors and assigns of Mortgagor and Lender. ! ! / , 22. APPLICABLE LAW; SEVERABILIT¥; INTERPRETATION. This Security Instrum!nt is g~verned b) the laws of the ! jurisdiction in which the Property is located, except to the extent otherwise required by the laws of fl~e jurisdiction where the Property is located. This Security Instrument is complete and fully ~ntegrated. Tlus Security Instr ament may not be amended of modified by oral agreement. Any section in this Security. Instrument, attachments, or an5' ogre~m¢ nt related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or implicdlyi pe~ mits the variations by written agreement. If any section of this Security Instrument cam~ot be enforced according to its termS, ti mt section will be severed and will not affect the enforceability of the remainder of this Securib' Instrument. Whenever used, tbe singular shall include the plural and the plural the singular. The captions and headings of the sections of this SeCurity htstrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrmnent. Time is ~f the essence in this Security Instrument. In the event any section of this Security Instrument directly conflicts with ~ny Section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicablei,.__ ~ Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flo~d/Prol~erty Insurance, all of which I agree to by signing tlfis Security Instrument, the terms of the Home ~quity Closing HandbOOk ~lml~ control. 23. NOTICE. Unless othenvise required by law, any notice shall be gix en by delivering it or by mailing it by first class mail to the Lender si records, or to any other address appropriate party's address on page 1 of this Security Instrument, or as shown in ~ ' ~ . designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regardin!g the n.arshalling of liens and assets, aud hereby releasing and waiving all rights under and by virtue of the homestead exemption laWs ~f this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: i-x,3 Line of Credit. The Secured Debt includes a revoMng line of credit provision. Althr agh the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instrmnent secures an obligation incurred fo~ the cc nstruction of an improvement on the Property.. i, ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that !Mortgagor owns now or in the future and that are or will become fixtures relates to the Property. This Security Instrument su ~fices as a financing statement and any carbon, photographic or other reproduction may be filed of record for Purpos~:s of Article 9 of the Uniform Commercial Code. ~T~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants a ~d agreements of each of the riders checked below are incorporated into and supplement and ameud the terms of this Security nstrument. I~ Third Party Rider I~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this ~ ecurity Instrument and m any attachments. Mortgagor also acla~owledges receipt of a copy of this Security Instrument o~ the da e stated on page 1. ARNOLD GAUB Mortgagor ARNOLD GAUB Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor EQ150E (06/2002) Date Date Date Date Date Date ACKNOWLEDGMENT: (Individual) . STATEOF ~L'~.{i ¢Offlt~ COUNTY OF ~iO~rl /._Di3 Obi~9o The foreg.9,oi~.g instrmnent was a.~ck,'nowledged before me by this~ day of I~broo. rc[ Witness my hand and official seal. (Title of Officer) My Commission Expires: ~ALYSS,A J?!!i:.: i ~.I:~..~tY~:~ COMM ~c .... ' ~- ACKNOWLEDGMENT: (Individual) STATE OF ' . COUNTY OF The foregoing instrument was acknowledged before me by this day of Witness my hand and official seal. , COMM, 1268452 !~O ' NOTAR'~ PUBLIC- CALIFORNIA i "~ SAN LUIS OBISPO COUNTY; ~ My Corem. Expires June 24, 20041[ (Signature of Officer) (Title of Officer) My Comnfission Expires: (s~) EQ150F (06/2cra''' O32