HomeMy WebLinkAbout877968Recording requested by: ,
WELLS FARGO BANK, N.A
When recorded return to:
DOOUMENT MANAGEMENT
8ta*e of Wyomh~g- . . Slmce Above This Line For Recording Dala
~FEt~NCE ~: 200 qL303T000105 ACCOUNT ~: 0654-B54-1 ~ 0~2~-0001
MORTGAGE
(With Fulure Advance Clause)
1. DATE AND PARTIES. Tho data of this Mortgage ("Securi
and the parties,, their addresses and tax identification nmN~ers, if required, are as follows:
MORTGAGOR:BERRiOK E. JENSEN
[] 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 3155-1
BILLINGS, MT 5910-7
2. 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 nnder this Security Instrument, Mortgagor grants, bargains,
conveys, mortgages and warrants to Lender, with power of sale, the following described property:
LOT 624C LAKEVIEW ESTATES SUBDIVISION L NCOLN COUNTY, WYOMING,
The property is located in L I N C 0 L N at:
1 -79 TRA I L DR I VE ALP I NE, wy(C°'~tS)128
and parcel number of 3-'/182930903400 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"). '
3. MAXIMUM OBLIGATION LIMIT. The total Principal amount secured by this Security Instrmnent at a~B, one time shall not
exceed $ 15,000. O0 . This linfitation of amount does not include interest and other tees 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 securib.' and to perform any of the covenants contained in INs Security Instrument.
4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incurred nnder the terms of the promissory note, revolving line of credit, contract, gmaranB' or other evidence of
debt dated q ~ / D9 / 200 ~ together with all amendmeuts, extensions, modifications and renewals, and having a
maturity date of 1 1 / 09 / 2031
B. All future advances from Lender to Mortgagor under such evidence of debt. All fi~Inre advances are secured as tr..made
on the date of this Securitylnstrument. Nothing in this Secnrity Agreement shall conslitute a commitment to make
additional or ftm~re loans or advances which exceed the amount shown in Section 3. Any such commitment must be
agreed to in a separate writing.
EQ150A (3/2001)
C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otbenvise protecting the Property
and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security
Instnl~nent.
5. PAYMENTS. Mortgagor agrees that all pay~nents under the Secured Debt will be paid when due and 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 agrees: A. To make all payments when due and to perform or comply witli all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to allow any modification or extension o[ 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, assess~nents, liens, encmnbrances, lease pay~nents, ground rents,
utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all
nolices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to tbe 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 xnay 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 eltcumbrance, whelher voluntary,
involuntary, or by operation of law, of all or any part of the Property or any interest therein, the~ at its sole option, Lender may,
by written notic6 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 cmnmit or allow an)' 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 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 tbr 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 perfor~n any duty or any of the covenants coulained in this Security
Instnnnent, Lender may, without notice, perform or cm~se them to beperformed. Mortgagor appoints Lender as attorney in fact
to sign Mortgagor's name or pa)' any amount necessary :for performance. Lender's right to perform for Mortgagor shall not
create an obligation to perform, and Lender's failure to pertbr~n 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. O[' 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 any 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 I_,eases. Mortgagor may collect, receive,
enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument.
Mortgagor agrees that this assignment is immediately effective between the parties to this Security InstruInent. Mortgagor agrees
that this assignment is effective 'as to third parties when Lender takes affirmative action prescribed by law, and that this
assignment will remain in effect during any redemption period until the Secured Debt is satisfied· Mortgagor agrees that Lender
may take actual possession of the.property without the necessity of commencing legal action and that actual possession is
deemed to'occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all fi~ture Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in
Mortgagor's possession and will receive any Rents in trust for Lender and will not com~ningle the Rents with any other funds.
Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under
the Leases or any applicable landlord/tenant law. Mortgagor also agreesto maintain and require any tenant to comply with the
terms of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMS; pLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the
provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominimn Project or is part
of a Planned Unit Development ("PUD"), Mortgagor agrees to the following:
A. Obligations, Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The
"Constituent Docmnents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and
an), homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (ix') other
EQ150B (3/20013
equivalent docuntents. Mmtgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
Docmnents.
B. Hazard h~surance. 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, tbr 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 deexned satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor
shall give Lender pro~npt 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 stuns 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, atnount and extent of coverage to Lender.
1}. 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 conseq~l~ntial, payable to Mortgagor in
connection with any condmnnation or other taking of all or any part of the Property, whether of the unit or of the common
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 Condmninium 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 attd 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 this Security
Instrumeut. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of
disbnrsement 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 Instnunent or any other document executed for
the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Leuder 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 iu
default.
At the option of Lender, all or any part of the agreed fees and charges, accrued' interest and principal shall beco~ne immediately
due and payable, after giving notice if required by law, upon the occurrence of a default or anytirne thereafter. In addition,
Lender shall be entitled to all 'the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any
related documents, including without limitation, the power to sell the Property. All re~nedies are distinct~ cumulative and not
exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. 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 foreclbsure 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 Mortgagor's default, Lender does not waive Lender's right to later consider the event
a default if it continues or happens again.
15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by
law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this SecuriW Instrument.
Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting
the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in till at
the highest interest rate 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 Lenders' rights and remedies under this Security Instrumeut. This
ammml may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include
attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor
agrees to pay for any recordation costs of such release.
EQ150C (3/2001)
'16. ENVIRONMIg, NTAL LAWS AND IIAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means,
without limitafion, the Comprehensive Em,ironmental Response, Compensation and Liability Act (CERCLA, 42 U. S.C. 9601 et
seq.), and all other federal, slat~ and local laws, re~lations, ordinances, cour~ orders, a~orney general opinions or interpretive
leEers concerning the public health, s~ffety, w~lfare, environment or a hazardous substance; and (2) Hazardous Substanc~ means
any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the
substance dangerous or potentially dangerous t~ the public health, safely, Welfare or euvironment. The lerm includes, without
limitation, any substances defined as"hazardous ~natcrial," "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 ProperW. This restriction does not apply to small quantities of Hazardous Substances
that are generally recoguized 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 eve~ tenant have been, are. and
shall re,hain in ~11 compliance with any applicable Environmental Law.
C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Subslance occurs on, under
or about lhe Property or there is a violation of any Environmental Law concerning H~e Property. In such an event,
Mortgagor shall t;~e all necessau remedial action in accordance with any Environmenial Law.
D. Mortgagor shall immediately noti~ 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 Envkonmental Law.
17, 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 dmnain, or any other means. Mortgagor
authorizes Lender to inte~ene in Mortgagor' name in any of flxe 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
Prope~. Such proceeds shall be considered, payments and will be applied as provided ~n this Security Instrument. This
assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or olher lien document.
18. INSU~NCE. Mo~'gagor shall keep ProperW insured against loss by fire, flood, flmfl and oilier hazards and risks reasonably
associated with the Property due to its wpe 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. IfMo~gagor 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 SecuriW 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 noti¢ 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, Moflgagor shall give immediate notice t0 the insurance carrier
and Lender. Lender ~nay m~e proof of loss if not made imInediately by Moagagor.
Unless othenvise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Prope~y or to the
Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone
the due date of the scheduled payment nor change the amount of any pay~nent. Any excess will be paid to Mortgagor. If the
Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from dmnage to the Property
before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition.
19. ESCROW FOR T~ES AND INSUI~NCE. Unless othe~ise provided in a separate agreement, Mortgagor will not be
. required to pay to Lender hnds for taxes and insurance in escrow.
20. F~ANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any
financial statement or ifformation Lender may deem reasonably necessa~. Mortgagor agrees to sign, deliver, and file any
additional documents or ce~ifications that Lender may consider necessa~ to perfect, continue, and presence Mongagor's
obligation~ under this Security Instrument and Lender's lien status on the ProperS.
21. JOINT AN~ INDIVIDUAL L~BILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this
Security Instm~nent are joint and individual. If Mortgagor signs this SecuriB, Instrument but does not sign an evidence of debt',
Mortgagor does so only to mo~gage Mo~gagor's interest in the Property to secure payment of the Secured Deft and Mo~gagor
does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a ~aranty between Lender and
Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender ~om bringing any action or claim against Mortgagor
or any par~ indebted under fire obligation. These rights may include, but are not limited to, any anti-deficiency or one-action
laws. Mortgagor agrees fl~at Lender and any party to this Security Instrument may extend, modify or xnake any change in the
terms of tiffs Security Instrument or any evidence of debt without Mo~gagor's consent. Such a change will not release
Mortgagor from the terms of this SecuriW Instrument. The duties and benefits of this Security Instrument shall bind and benefit
the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABIL1TY; INTERPRETATION. This Securily Instrument is governed by the laws of the
EQ150D (3/2001)
Section IV
NOTICE TO THE BORROWER
DO NOT SIGN THIS AGREEMENT IF IT CONTAINS BLANK SPACES. ALL SPACES
SHOULD BE COMPLETED BEFORE THIS AGREEMENT IS SIGNED. READ THIS
AGREEMENT BEFORE SIGNING IT.
ACKNOWLEDGEMENT
I have received, read, and retained a copy of the Consumer Guide to Home Equity Lines of Credit, and a copy of the Home Equity Closing
Handbook, which contains the EquityLine® Account Agreement Terms and Conditions, the Arbitratitm Agreement, and the Agreement to
Provide Flood/Property Insurance, and the Additional Related Bank Service Fees, all of which i agree to by signing this Agreement.
BORROWER , Social Security Numbe? DATE SIGNED
BORROWER Social Security Number DATE SIGNED
BORROWER Social Secm-ity Number DATE SIGNED
BORROWER Social Security Number DATE SIGNED
BORROWER Social Security Nmnber DATE SIGNED
EQ400C (8/2001)
ACKNOWLEDGMENT:
(Individual)
STATE OF
COUNTY OF ' ~.lh_~ ¢[Vl.
The foregoing instrument was acknowledged before me by ~,~ ' c.~ ~ ~ ,
this q day of
Witness my hand and official seal.
My Commission Expires:
ACKNOWLEDGMENT:
(Individual)
STATE OF
COUNTY OF
The foregoing instrument was acknowledged before me by ,
this day of .,
Witness lny hand and official seal.
(Signature of Officer)
(Title of Officer)
(Seal)
My Commission Expires:
EQ150F (3/2001)
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