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HomeMy WebLinkAbout877969Recording requesled by: ' WELLS FARGO BANK, N.A. Wells 2argo Bank, P, O, BOX 31567 r '" DOCUMENT MANAGEMENT ~ "~-" State of Wyoming . , Stmce Above This Lh~e [q)r Recording Data REFERENCE ¢: 200131U 7 q O013-/ ACCOST ¢: 0654-654-1150863-0001 MORTGAGE · (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("Secud~ Instmmenl') is and the parties, their addresses and t~x identification mm~bers, if required, are as follows: MORTGAGOR: K EM T. CAZIER AND BETH P, CAZ.IER, HUSBAND AND WIFE ,~., [] If checked, refer to the al.tached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: WELLS FARGO BANK, N.A. P. O. BOX 3155'7 BILLINGS, MT 5910-7 '- 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is ackuowledged, and to secure fl~e Secured Debt (defined below) and Mortgagor's performance under this Secmil¢r Inslrun~ent, Mortgagor grauts, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: BEGINNING AT A POINT WHICH IS 10g.60 FEET EAST ALONG THE SECTION LINE OF THE SOUTHWES1 CORNER OF THE SE/4 SW/4 OF SECTION 36, T32N RltgW OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, AND RUNNING THENCE N O0 DEGREES 04 MINUTES 40 SECONDS W, 330.00 FEEl'; THENCE EAST 132.81 FEET; THENCE S O0 DEGREES O0 MINUTES '10 SECONDS W, 330.00 FEET; THENCE WEST 132.35 FEET TO TIdE POINt OF BEG NNING. The Property is located in L I NCOLN at: -104 PAPWORTH LANE AFT'ON, W(/C"'"~t~)3110 and parcel number of 32193830031 gO0 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 fim~re improvements, stnlctures, 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. M~IMIJM OBLIGATION LIMIT. The total principal amount secured by this SecuriW Instrument at any one time shall not exceed $ ~ 5,000.00 . This limi.tation of amount does not include interest and other tbes and charges validly made pursuant to lhis Security Instrument. Also, this limitation does not apply to advances made under the terms of this SecmiB, Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTU~ ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promisso~3, note, revolving line of credit, contract, ~aranb, or other evidence of debt dated q I / 20 / 200 i together with all amendments, extensions, ~nodifications and renewals, and having a maturity date of 11 / 20 / 203 ~ B. All fitture advances fi'om Lender to Morlgagor under snch evidence of debt. All .fim~re advances are seem'ed as it' made on the date of this Secm'iB' Instrument. Nothiug in this Security Agreement shall constitute a commitment to make additional or fx~ture loans o1' advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separale writing. EQ150A (3/2001) 0 ?'"? 4:; 2 4 7 C. All'slLms advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecling the Property and its val~ and any other sums advanced and ~xpenses incurred by L~nder under the terms of 1his Se~uriiy Instrument. ~. PAYMENTS. Mortgagor agrees that all paymm~ts under the Secured D~bt will be paid when due and in accordance wifl~ ll~e t~rms of th~ Secured Debt and 'this S¢curily Instrument. 6. P~IOR S~C'URITY INTeReSTS. With regard to an~ other mortgage, deed of irust, securily agreement or off, er lien document that created a prior securiff i~terest o~ encumbrance on the Property, Mortgagor agrees: A. To mak~ all payments when due and to perform or comply with all covenants. B. To promptly ddiver to Lender any notices that Mo~gagor receives from the holder. C Not to allow any modification or extension of, ~or to requesl any fl~ture 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, lease payments, ground rents, ntilities, and othe~ charges relating to ~he PropmXy when due. Lender may requir~ Morlgagor m provide to Lender copies of all notices that such amounts are due and the rec~ipls evidencing Mortgagor's payment. Mortgagor will defend litle to the Property against any claims that would impair the lien of th~ Seeuri~, Instrument. Mortgagor agrees lo assign to Lender~ as requested by Lender, any rights, claims or defenses Mortgagor may have against parlies who supply labor or materials to maintaiu or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or ehcumbrance, whether volnntary, involunta~, or by operation of law, of all or any part: of the Property or any interest therein, thefi"at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to tl~e 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 necessau,. Mortgagor shall not commit or allow any waste, impainnenl, or delerioratiou of the Propert¢,. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantiMly 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. Mgrtgagor will noti~ Lender of all demands, proceedings, claims, and actions hgainst Mortgagor, and of any loss or damage to the ProperW. Lender or Lender's agents may, at Lender's option, enter the Properb' 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 Prope~ shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHO~TY 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 mnount necessau~ 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 ofl~er rights nnder the law or this Security-Instrument. If any construction on the Prope~y is discontinued or not carried on in a reasonable manner, Lender may take all steps necessaw to protect Lender's securiW interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional securiW all the fight, title and to any and all existing or fire,re leases, subleases, and any other written or verbal agreements for the use and occupancy of any potion of the Prope~,, including any extensions, renewals, modifications or substitutions of such agree~nents (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender witli tree and correct copies of all existing and ~ture Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mo~gagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assigmnent is immediately effective between the parties to this SecuriW Instrument. Mortgagor agrees that this assignment is effective 'as to third parties when Lender t~es 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 proper5' without the necessiW of commencing legal action and that actual possession is demned to' occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all flm~m 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 commingle the Rents with any other fl~nds. Any amounts collected will be applied as provided in this Securi5' Instrument. Mortgagor warrants that no dehult exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to 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 properW is a unit m a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A, Obligations. Mortgagor shall perlbnn all of Mortgagor's obligations under lhe Constituent Documents. The "C0nstilnent Documents" are the: (i) Declaration or any other docmnent which creales the Condominium Projects or PUD and any homeowners associatiou or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other EQ15OB (3/2001) 2.48 equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuam to the Constituent Documents. 11. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominimn Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for tile periods, and against the hazards Lender ~equires, including fire and hazards included within the term "extended coverage,' then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on Properff is deemed satisfied to the extent that tile required ¢o'verage 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. Puhlic Liability Insurance. Mortgagor shall take such actions as ma), be reasonable to insure that ihe Owners Association maintains a public liability insurance policy acceptable m form, amount, and extent of coverage to Lender. E. Condemnation, The proceeds of any award or claim for damages, direct or conseq~[ential~ payable to Mortgagor in connection with any condemnation or other taking of all or any part of the Property, whether' of the milt or of the common dements, 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 stuns secured by the Securily Instrument as provided in Section 18. I~'. Lender's Prior Consent. Mortgagor shall not, except ',d~er 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 tile case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for tile express benefit of Lender; (iii) termination of professional managexnent and assumption of self- management by. the Owners Association; or (ix.') an), action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedie~. If Mortgagor does not pay condominium or PUD dues and assess~nents 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 Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of' disbursmnent at tile Secured Debt rate arid shall be payable, with interest, upon notice fi'mn 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 defimlt if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or g-uarantying 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 paylneut 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, A.t the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall beco~ne im~nediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled lo all tile remedies provided by law, tile terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell the Property. All remedies are distinct; cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equil'),, 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 foredlosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing defimlt. 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 Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or othem'ise protecting the Property and Lender's security interest. These expenses will bear interest from .the date of tile payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs arid expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount 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 irt effect until released. Mortgagor agrees to pay for any recordation costs of such release. EQI50C (3/2001) 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental [,aw uleans, without limitation, the Comprehensive Envirofimental Response, Compensation and Liability Act (CERCI,A, 42 U. S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviromnental Lan,. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writiug to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to s~nall quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in filll compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, nnder or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enwronmenlal Lawl D. Mortgagor shall itmnediately notify Lender in writing as soon as Mortgagor has reason'to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 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 domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of an), award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be c0. nsidered payments aud will be applied as provided in this Security Instrument. This assignment of proceeds is subjecl to the terms of any prior mortgage, deed of trust, security agremnent or olher lien 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 its type and location. This insurance shall be maintained in the amounls and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify I,ender of cancellation or termination of-the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to lhe insurance carrier and Lender. Lender may make proof of loss if not ~nade immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. 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 damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the, acquisition. 19. ESCROW FOR TAXES AND INSURANCE, Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender flinds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docum, ents or certifications that Lender may consider necessary to perfect, contim~e, and preserve Mortgagor's obligationg under this Security Instru~ment and Lender's lien status on the Property. 21.. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If lhis Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not linfited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. Tt~e duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the' laws of the EQ150D (3;/2(101) jurisdiction in which 'the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the · Properly is ·located. This Security Instrument is complete and fidly integrated. This Security instrument may not be amended of ~nodified by oral agreement. Any section in this Security Instru~nent, attachments, or any agreement related to the Secured Debt that conflicts with applicable taw will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrmnent cannot be enforced according to its terms, that section will be severed and will not affect thc enforceabilib~ of the remainder of this Security Instnunent. Whenever used, the singular shall include the plural and the plural the singmlar. The captions and headings of the seclions of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Securily Instrument. In the event any section of this Security Instrmnent directly .conflicts with any section of a certain Home Equity Closing Handbook which conlains the Acconnt 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 ttandbook 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 Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the exteut prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waMng all righls under and by virtue of the homestead exemption lawn"of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrnment: Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, ti'lis Security Instrument will remain in effect until released. Constnmtion Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture ¥iling. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the f'uture, and that are or will become fixtures relates to the Property. This Security Instrument suffices as a financing statement and any carbonl pholographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Cmnmercial Code. bTZl Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Securily Inslnunent on the date stated on page 1. BETH P CAZIER Mortgagor Date Mortgagor Date Mortgagor Dale Mortgagor Date Mortgagor Date EQ150E (3/2001) ACICNOWLEDGMENT: ' 2 5 1 (Individual) STATE OF COUNTY OF LIMt:o The foregoing instrument was acknowledged before me by ~[f'e.*~l 'F ~-a Z!t: F , Witness my hg~d and official seal. (Titl~ of Officer) ~ · My Commission,Expires: (s~;p ACKNOWLEDGMENT: (Individual) COUNTY OF The foregoing instrunient was acknoMedged before me by this g O Witneps (8i~[ture ~fO My Com,nission Expires: EQ150F (3/2001)