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HomeMy WebLinkAbout888821Recording requested by: Wells Fargo Bank, N.A. Requested By: Wells Fargo Home Equity When Recorded Mail to: Fidelity National -LPS P.O. BOX 19523 IRVINE CA 92623-9523 WFSRP4 888821 BOOK ~-~1 {-'~PR PAGE__ U REO,_IVED LINOOL,q COU~ITY CLERK State ofWyonting . · Space Above Tiffs Line For Recording Data REFERENCE #: 2003045-/400096 ACCOUNT #: 0654-654-6769365-©001 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of tlfis Mortgage ("Security Instrument") is 03 / 13 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follo~vs: MORTGAGOR: SCOTT M. PARK AND JACKIE PARK, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BIL. LINGS, MT 59107 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 EXHIBIT A The property is located in L I NCOLN (CounW) 63g S TURNERVILLE RD BEDFORD, WY 83112 at: .... ' ' 67 or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and tiffs 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 agrees: 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 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, encmnbrances, 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 evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the 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. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender 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 necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. 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 will not perxnit 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. 10. 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. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and an), other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, ~nlc~x7 and nc~ th~, l~ntq ca lnna ne Mnrt~n~or ix not in defanll under the terms of this Security Instrument. A. Obligations. Mortgagor shall perform all of Mo~tgagor's obligations under the Constituent Documents. The "Constituent Documeuts' are the: (i) Declaration or a~y other document w~ich creates the Condoz~nium Projects or ?U-D and any homeowners association or equivalent entity ("Owners Association")~ (ii) by-laws; (iii) code of regulations~ and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed 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 wlfich 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 hazard insurance coverage on the Property is 'deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the 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 Secured 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 reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the coxmnon elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. 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 of the Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by Ohs Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall 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. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON 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. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At th~ nntirm nf I ~nrl~r nll nr nnv nnrt nf the a~reecl fee~ and char~e~ accrued interest and nrincinal shall become immediatelv amount may include, but is not limited to, attorneys' fees, cou~t costs, and other legal expenses. T~s amount ~o~s ~ot i~c]ud~ ~gm~s to ~a~ ~o~ 8~ mco~tio~ costs o~ suc~ ~]gasc, 16. E~ONMENT~ LAWS AND H~OUS SUBST~CES. As used in tiffs section, (1) Environmental Law means, wi~out limitation, file Comprehensive Enviromental Response, Compensation and Liabili~ Act (CERCLA, 42 U. S.C. 9601 et seq.), and all other federal, state ~d local laws, re~lafions, ordin~ces, cou~ orders, attorney general opimons or inte~retive letters concemng the public health, s~e~, we~are, enviroment or a h~ardous substance; ~d (2) Hazardous Substance me~s any toxic~ radioactive or hazmdous material, waste, pollutant or conta~n~t w~ch has ch~actefistics which render the substance dangerous or potentially dangerous to the public heal~, sffe~, we~are or environment. The tern includes, without limitation, ~y substances defined as "hazardous material," "tomc substances," "h~ardous waste" or "hazardous subst~ce" under any Enviromental Law. Mortgagor represents, warr~ts and agrees ~at: A. Except as previously disclosed ~d acknowledged in ~¢ng to Lender, no Hazardous Substance is or will be located, stored or released on or in the Prope~. T~s resection does not apply to smM1 quantities of Haz~dous Substances that are generally recognized to be appropriate for the nomal use and maintenance of the Prope~. B. Except as previously disclosed and acknowledged in writing to Lender, Mo~gagor and eve~ tenant have been, are, and shM1 remain in ~11 compliance wi~ any applicable Environmental Law. C. Moagagor shall i~ediately not~ Lender if a release or t~eatened release of a Hazardous Substance occurs on, under or about the Prope~ or ~ere is a violation of ~y EnviromentM Law concermng the Prope~. In such an event, Mo~gagor shall t~e all necessa~ remedial action in accOrd~ce wi& any EnvironmentM Law. D. Moagagor shall i~ediately nofi~ Lender in writing as soon as Mo~gagor has reason to believe there is any pending or t~eatened investigation, claim, or procee~ng relating to the release or threatened release of any Hazardous Substance or ~e ~olation of any EnviromentM Law. 17. CONDEMNATION. Moggagor will give Lender prompt notice of ~y pen~ng or t~eatened action, by private or public entities to purchase or t~e any or all of the PrOpe~ through condemafion, eminent domain, or any o~er means. Mortgagor authorizes Lender to inte~ene in Mo~gagor' nme in any of ~e above described actions or clmms. Mo~gagor assigns to Lender the proceeds of any award or cl~m for damages connected with a condemafion or o~er t~ng of M1 or ~y p~ of the Prope~. Such proceeds shall be considered payments and will be applied as provided in ~s Secufi~ Instrument. Tlhs assigment of proceeds is subject to ~e terns of ~y prior moagage, deed of trust, secufi~ agreement or other lien document. 18. ~SU~NCE. Moffgagor shM1 keep Prope~ insured against loss by fire, flood, theft and other haz~ds and risks reasonably associated wi~ ~e Prope~ due to its ~e and location. T~s insurance sh~l be maintained in ~e amounts ~d for the periods that Lender requires. The insurance carrier providing the insurance shM1 be chosen by Moggagor subject to Lender's approval, wlfich shall not be unreasonably withheld. ~Moggagor fails to maint~n the coverage described above, Lender may, at Lender's option, obt~n coverage to protect Lender' s fights in the Prope~ according to the terns of t~s Securi~ Ins~ment. ~1 insurance policies and renewals sh~l be acceptable to Lender ~d shall include a stand~d "mo~gage clause" and, where applicable, "loss payee clause." Mo~gagor shall i~e~ately not~ Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. ~ Lender requires, Moggagor shall immediately give to Lender M1 receipts of paid premims and renewal notices. Upon loss, Mo~gagor shall give i~e~ate notice to the insurance carrier and Lender. Lender may m&e proof of loss ff not made i~ediately by Moagagor. U~ess o~e~ise agreed in writing, all insurance proceeds shall be applied to ~e restoration or repair of ~e Prope~ or to ~e Secured Debt, whether or not then due, at Lender's option. ~y application of proceeds to principal shall not e~end or postpone the due date of ~e scheduled payment nor change tie mount of any payment. ~y excess will be paid to Mo~gagor. ~ the Prope~ is acquired by Lender, Moggagor's right to any insurance policies ~d proceeds resulting from damage to the Prope~ hefnre the acnni~itinn ~hall nass to Lender to ~e extent of the Secured Debt i~e~ately before the acqmsifion. Mortgagor from the terms of tiffs Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERAB[LITY; INTERPRETATION. Tiffs Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in tiffs Security Instrument, attaclunents, 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 tfis Security Instrument are for convenience only and are not to be used to interpret or define the terms of tiffs Security Instrmnent. Time is of the essence in this Security Instrument. In the event any section of this Security Instrument directly conflicts with any section of a certain Holne Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), 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 this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. 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 1 of this Security Instnunent, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [lq771 Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~-] 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 suffices as a financing statement and any carbon, photographic or other reproduction ~nay be filed of record for purposes of Article 9 of the Uniform Co~nmercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [/q'fA] Third Party Rider ~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrmnent and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. SCOTT bt PASK Mortgagor Date 271 ACKNOWLEDGMENT: (Individual) corn, trY OF L', -~ ~..o/-~ The foregoing instalment was acknowledged before me by tlfis /3 day of .'~/] ~ ~- c~/x, Witness my hand and official seal. (Sig~'a-tu~ ofoflic~r7 v ~ (Title of Officer) My Compression Expires: ACKNOWLEDGMENT: (Individual) STATE OF '~ ) '-7.4 The foregoing instrument was acknowledged before me by this /5 day of "~0/k/x r' ~_ Iq. /i~ness my hand and o/~al~seal. (Sign~tu~'e ofOffi&r) ' (~ v~ , Xoo5 Exhibit "A" 272 Loan #: 20030457400096 THE FOLLOWING DESCRIBED REAL PROPERTY LOCATED IN THE COUNTY OF LINCOLN, STATE OF WYOMING, DESCRIBED AS FOLLOWS: THAT PART OF THE NW 1/4 SW 1/4 OF SECTION 33, T34N Rll8W, LINCOLN COLrNTY, WYOMING BEING PART OF THOSE TRACTS OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 211PR ON PAGE 586, IN BOOK 247PR ON PAGE 635, kND IN BOOK 286PR ON PAGE 184 DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST' CORNER OF THAT THACT OF RECORD IN SAID OFFICE IN BOOK 329PR ON PAGE 599 MARKED BY A 5/8" X 24" STEEL REINFORCING ROD WITH A 2 INCH ALUMINUJM CAP INSCRIBED, "PE AND LS 3514", ON THE WEST LINE OF SAID NW 1/4 SW 1/4, SOUTH 610107 FEET FORM THE NORTHWEST CORNER OF SAIDNW 1/4 sw 1/4; THENCE NORTH 88 DEGREES 23 MINUTES 00 SECONDS EAST,' 173.84 FEET, ALONG THE SOUTHERLY LINE OF SAID TRACT OF RECORD IN BOOK 329, TO THE SOUTHEAST CORNER THEREOF; THENCE CONTINUING NORTH 88 DEGREES 23 MINUTES 00 SECONDS EAST, 76.16 FEET, ALONG A SOUTHERLY LINE OF THAT TRACT OR RECORD IN SAID OFFICE IN BOOK 329PR ON PAGE 597, TO A SOUTHEAST POINT OF SAID TRACT; THENCE NORTH 00 DEGREES 15 MINUTES 25 SECONDS EAST, 107.73 FEET, ALONG AN EXISTING FENCE TO A POINT; THENCE SOUTH 89 DEGREES 42 MINUTES 55 SECONDS EAST, 184.71 FEET, ALONG AN EXISTING FENCE TO A POINT; THENCE NORTH 01 DEGREE 02 MINUTES 22 SECONDS EAST, 45.93 FEET, ALONG AN EXISTING FENCE TO A POINT; THENCE SOUTH 89 DEGREES 55 MINUTES 45 SECONDS EAST, 64.31 FEET, ALONG AN EXISTING FENCE TO A POINT; THENCE SOUTH, 415.69 FEET, ALONG A LINE PA_P3kLLEL WITH SAID WEST LINE, TO A POINT; THENCE NORTH 89 DEGREES 22 MINUTES 19 SECONDS WEST, 500.26 FEET TO A POINT ON SAID WEST LINE; THENCE NORTH , 250.51 FEET, ALONG SAID WEST LINE, TO THE CORNER OF BEGINNING.