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HomeMy WebLinkAbout889931Recording requested by: Wells Fargo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT LIN .... 8 8 9 9 3 I Book 5L¢0 PR P^C . 5 5 0 State of Wyoming -Space Above This Line For Recording D REFERENCE #: 20031047000401 ACCOUNT #: 06B4-0S MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date oftlfis Mortgage ("Security Instrument") is 04 / 1B / 2003 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: RALPH d. RUDER AND ALICE RUDER AKA ALICE L. RUDER, HUSBA~, WIFE, AS TENANTS BY THE ENTIRETIES ~ECEI',/ED ,_~',"'L!f,!TY. CLERK 4-7449259-1998 D AND EQ150A (06/: [] If checked, refer to the attached Addendum ~ncorporated herein, for additional Mortgagors their signatures and acknowledgments. . LENDER: Wells Fargo Bank, N.A. I ' P. O. BOX 31557 I · BILLINGS, MT 5010-7 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 uuder this Security Instnnnent, M~rtgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT 212, LAKEVIEW ESTATES INCORPORATED, TRACT A, A SUBDIVISION OF TH~ SE 1/4 SE 1/4, SECTION 2g, TOWNSHIP 37 NORTH, RANGE 118 WEST, 6TH P.M., LINCOLN COUNTY, WYOMING. The property is located in L I NCOLN at: 758 TERRACE DRIVE ALPINE, '¢J¢°u'-'tYl~3128 and parcel number of 37182 g 41702700 together with all rights, easeme ars, 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 p,x~ of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrume~lt at any one time shall not exceed $ 30,000.00 . This limitation of amount does not include interest and other fee~ and charges validly made pursuant to this Security Ins,trument. Also, this limitation does not apply to advances made underI the terms of fids Security" h~strument to protect Lender s secuhty and to perform any of tl~e covenants contained in this SecurityI Instrument. ' SECURED DEBT AND FUTURE ADVANCES. The term' Secured Debt" is defined as follows: I A. Debt incurred under the terms of the pronfissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 04 / ~ 8 / 2003 together with all amendments extensions, modificatious and r~newals, and havin a maturity date of 04 / 18 / 2043 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of tlfis Security InstrUment. Nothing in riffs Security Agreement shall constitute a commitment to inake additional or future loans or advances which exceed the amount shown in Section 3. Any ;uch commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, 0r othemise 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 a ~d 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 hen document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: I 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. I C. Not to allow any ~nodification 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 encumbrances lease payments ground rents, utfl~tms, and other charges relating to the Property when due. Lender may reqmre Mortgagor to prowde to Lender copras of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor v~i~l defend title to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor agrees to asmgn to Lender, as requested by materials to maintain or improve Lender, any rights, clai~ns or defenses Mortgagor may have against parties who supply labor or i . the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encu~nbrance, 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 payal:le, except to the extent that such acceleration for and in such particular circmnstances where exercise of such a right by Lender i s prohibited by law_. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Prcperty in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, im ~airment, or deterioration of the Property Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor ~grees that the nature of the occupancy and use will not substantially change w~thout Lender's prior written consent. Mortgagor wtll not permit any change in any license, restncnve covenant or easement w~thout Lender s prior written consent. Mortgagor will nonfy Lender of all demands, proceedings, cla!ms, and acnons agmnst 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 g~ve Mortgagor not~ce at the t~me of or before an ~nspecnon specifying a reasonable purpose for the ~nspecnon. Any inspection of the Property shall be entarely for Lender s benefit and Mortgagor will ~n no way r~ly on Lender's ~nspect~on. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument Lender may w~thout not~ce, perform or cause them to be performed Mortgagor appoints Lender as attorney ~n 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. Il. 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 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 referre I to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mo~ :gagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instru merit MOrtgagor agrees that this assignment is immediately effective between the parties to this Security I~ltstrument. 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 future 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 funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrantg that no default 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. I 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor~grees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property isa unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: I EQ150B (06/2002) S52 A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Co,stituent Documents. The "Constituent Documents" are the~ 0) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or eqnivalent entity ("Owners Association")~ (ii) by-laws~ (iii) code of ~gulations~ and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments hnpose pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally a,:cepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender al ~d which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire Jnd hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazar~ 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 br 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 Secur{:d Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as ma), be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and exte at 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 he unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to L~nder. 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 Len ler's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of th~ Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruction b) fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of th. Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional managemen and assumption of self- management by the Owners AssociatiOn; or (iv) any action which would have the effect of rehdering 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 d~e, 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 disbursement at the Secured Debt rate and shall be payable, ~vith 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 toI make payment when due. Mortgagor will be in default if a breach occurs under the terms of Otis Security Instrument or any other document execUted for I the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lende~ 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 provi ~e 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 provid~:d by law if Mortgagor is in default. At the °ption of Lender, all or any part of the agreed fees and Charges, accrued interest and princip~ 1 shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anyti me 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 remedies are ~istinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The I · acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance ~s due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require co:nplete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's rigt't to latei 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 i~t this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, presev,ing or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the I,ayment until paid in full at the highest interest rate in effect as provided in the terms of the Se, cured Debt. Mortgagor agrees tO pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders rights and remedies under this Security Instrument. This EQ15OC (06f . amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in agrees to pay for any recordation costs of such release. his amott~r{t'41as not include :ct until released. Mortgagor before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the a 19. ESCROW FOR TAXES AND INSURANCE. Unless othem,ise provided in a separate agreen rdquired to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to additional documents or certifications that Lender may consider necessary to perfect, continue, obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. :quisition. ent, Mortgagor will not be Lender upon request, any sign, deliver, and file any and preserve Mortgagor's All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does n Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the S does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a gu Mortgagor, Mortgagor agrees to waive any tights that may prevent Lender from bringing any action or any party indebted under the obligation. These rights may include, but are not litnited to, any a laws. Mortgagor agrees that Lender and any party to tiffs Security Instrument may extend, modify terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such EQ150D (06/2002) >t sign an evidence of debt, :cured Debt and Mortgagor aranty between Lender and or claim against Mortgagor ~ti-deficiency or one-action or make any change in the a change will not release 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 (GERCLA, 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 dan,,g, erous-to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as hazardous material," "toxic substances," "hazardous wastd" or "hazardous substance" under any Environmental Law. / Mortgagor represents, warrants and agrees that: b A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Su stance is or will be located, stored or released On or in the Property. This restriction does not apply to small quantities of HazardoUs Substances that are generally recognized to be appropriate for the normal use and inaintenance of the Psoperty. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and 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 Hazardou~ Substance occurs on under 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 Environmental ~aw. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to >elieve there is any' pending or threatened investigation, claim, or proceeding relating to the release or threatene{ 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 a ~y other means. Mortgagor authorizes Lender to intervene in Mortgagor' naine in an), of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other tal:ing of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in thi Security Instrument. Ttus assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreemer t or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other llazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in theamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be Chosen by Mortgagor shbject 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 insuran,c,e 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 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, Mortgagor shall give immediate notice to the insurance cartier 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 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 b~ paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's tight to any insurance policies and proceeds resulting from damage to the Property Mortgagor from the terms of this Security Instrument. The duties and benefits of tlfis Security Inst~.~ment shal ind 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 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 this Security Instrument, attachinents, or any agreemen~ 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 th~s Security Instrument cannot be enforced according to Its terms, that section wall be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used tl~e singular shall include the plural and the plural the singular. The captions and headings of the sections 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 o~ the essence in this Security Instrument. In the event any section of this Security Instrument directly conflicts with any section of a certain Home 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/Propel ty Insurance, all of which I agree to by signing tiffs Security Instrument, the terms of the Home Equity Closing Handbook shall ontrol. 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 Instrmnent, or.as shown in Lender's recmds, or to any other address designated in writing. 24. WAIVERS. Except to the extent prolfibited by law, Mortgagor waives any right regarding the ma]'shalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemptiOn laws of :lfis state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: Line of Credit. The Secured Debt includes a revolving line of credit provision. Althou h 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 corn truction 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. Tlfis Security Instrument su~ces as a financing state~nent and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the fOllowing are applicable to tiffs Security Instrument. The covenants and agreements of each of the r/ders checked below are incorporated into and supplement and mnend the terms of this Security Instrument. ~ Third party Rider [~ Leasehold Rider D-/X3 Other_ ____ SIGNATURES: By signing below, Mortgagor agrees .... t and in any attachments. Mortgagor also acknowledges receipt ~ ~hceo~yrI~t~'nsdSceOcvt~nn'~ynlsnsctOrun~lenn~do lnnt~ehiSdaSt~Cst~teteYdlonnSt;~lee~ RALPH FJ RUDER Mortgagor ALICE RUDER Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Date Date Date Date Date Date EQ150E (06/::,.. ACKNOWLEDGMENT: (Individual) COUNTY OF '/--./'t4 e,P[ The foregoing instrument was acknowledged before me by this [ c~ .f-4,,- day of /~-/9 ¢' ,' t Witness my hand and official seal. (Signature of Officer) (Title of Officer)-.9 My Commission Expires: ,5- ~- ~<- - ,fl- ~1 dP ~ , 555 (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Wimess my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: (Seal) EQ150F (06/2002)