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HomeMy WebLinkAbout889932Recording requested by,; Wells Fazgo Bank, When recorded return to: 8 8 9 9 3 2 Wells Fazgo Bank, N.A P. O. BOX 31557 BILLINGS MT 59107 DOCUMENT MANAGEMENT · State of Wyoming . . Space Above Tlds Line For Recording D REFERENCE #: 20030907000314 ACCOUNT #: 01554-65 MORTGAGE ~-~ (With Future Advance Clause) DATE AND PART[ES. The date of this Mortgage ("Security Instrument") is 04 / 22 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: HERBERT L. VERLEY AND R ITA C. VERLEY AKA RI TARO C. VERL R ECE I'"/E D L!"I '~,q' ~'~"' '~' CLERK ... L.~,~? I f ...... : ;';,' .' i / tta 4-7510128-1998 [] Ifacknowledgments.Checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their gnatures and LENDER: Wells Fargo Bank, / P. O, BOX 31557 / BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is ac ,nowledged, the Secured Debt (defined below)and Mortgagor's performance under this Security Instrument, M conveys, ~nortgages and warrants to Lender, with power of sale, the following described property: LOT 9 OF GREYS RIVER VILLAGE ADDITION TO THE TOWN OF ALPINE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in L I NCOLN 459 GREYS RIVER LOOP ALPINE(?°=V~'~ 83128 at: and to secure )rtgagor grants, bargains, All future advauces from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on. :the date of this Security Instrument. Nothing in..::.:.:.:this,. Security Agreement shall constitute a. commitment to make anty or other evideuce of newals, and having a EQ150A (06/ exceed $ 124,000. O0 . Tiffs linfitation of amount does not include interest and other fees pursuant to tiffs Security Instrument. Also, this limitation does not apply to advances made under Instnunent to protect Lender's security and to perform any of the covenants contained in this Security SECURED DEBT AND FUTURE ADVANCES. The tem] "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revoh,ing line of credit, contract, gum debt dated 04122.12003 together with all amendments, extensions, modifications and r~ maturity date of 04 / 22 / 2043 B. and parcel number of 12-3718-28-3-00-030.00 together with all rights, easeme ]ts, 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 n described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrume t at any one time shall not and charges validly made the terms of ttus Security Instrument. additional or future loans or advances which exceed the amount shoxvn in Section 3. Any such commitment must be agreed tc~ in a separate writing. C. All sums advanced and expenses incurred by Lznder for insuring, preserving, or other~vise protecting the Property and its value and any other sums advanced and expenses incurred by'Lender under the terms of this Security Instrument. n 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid wheu 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 lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To ~nake all payments when due and to perform or comply with all covenants. I B. To promptly deliver to Lender any notices that Mortgagor receives froin the holder. I C. Not to allow any modification or extension of, nor to request any future advances under an~' note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes assessments lien% encumbrances 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 .I 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. m 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encu brance, 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 l~ prolub~ted 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 com~nit or alloTM any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor a~rees that the nature of the occupancy and use will not substanUally change without Lender s prior written consent. Mortgago~ will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortg'agpr will notify Lender of all demands, proceedings, claims, and actions against Mortgagor and of any loss or damage to the Property. Lender or · . I 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 re [y on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenant~ contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoin ts Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perfcrm for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exer, rising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is disconti~lued 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. II. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and xvarrants to Lender as additional security all the right, title and to any and all existing or future leases, subleas :s, 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 copras of all erdstlng and future Leases. 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 ~s ~mmediately effective bet~veen the partms to this Security Instrument. Mortgagor agrees that this assignment is effective as to thi,rd parties when Lender takes affirmative action prescribed by law, and that this assigmnent will remain in effect during an3 redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender ~nay take actual possession of the property without the necessity of commencing legal action mtd 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 warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require a~ y tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor tgrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Cc ~td0minium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: EQ150B (06/2002) A. Dbligations. Mortgagor shall perform all of Mortgager's obligations under the Con;tituent Documents. The "Constituent Decrements" are the: (i) Declaratm,n' or any other document which creates the Condominium Projects or PUD 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 ursuant to the Constituent Documents. P B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier a "master" or "blanket" policy on the Condo~mnium Project or PUD which is satisfactory to Lender and which provides insurance coverage i,n the amounts, for the periods, and against the hazards Lender requires, including fire an~ hazards included within the term 'extended coverage," then Mortgager's obligation under Section 19 to maintain hazard insurance coverage on the O ,n r I. Property is deemed satisfied to the extent that the required coverage is provided by the u e's Ass~cmtmn 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 Properly, 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 lthe 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 tc insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and exten~ 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 Properly, whether of th~ unit or of the com~non 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 ~ondominium 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 hnd assumption of selfz 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. I G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due,I 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, with interest, upon notice from Lender to lX lortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to ntake payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any oth,'r document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender tt~at Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of an, payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDItiS Obi 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 >y law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and pnncipal shall become immediately 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 to all the remedies provided by law, the terms of the Secured Debt, this Sec ~rity 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 rexnedies provided at law or equity, whether or not ~xpressly 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 foreclosure proceedings are filed shall not constitute a waiver of Lender's ri~:ht to ret]uire comdlete c r v -' ' ~, · . , ~ _ , u e of an, exlstlno default.. B_y 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. I 15 EXPENSES, ADVANCES ON COVENANTS, ATTORNEYS' FEES COLLE · ' ' ; CTION COSTS. ESccept 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, preservin~ or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at amount ir~o-,~ include, but is not limited to, attorneys' fees, court costs, and other legal expenses. Th attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effec agrees to pay for any recordation costs of such release. s amount does not include until released. Mortgagor 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) E~tvironmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (C! !RCLA, 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 term includes, without dan,g, erous to the public ,,he,a. lth, safety, welfare,,or environment. ~he limitation, any substances defined as 'hazardous material,' '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 Subs:ance 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 maintenance of the Pr~lperty. 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 Hazardous 3ubstance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the P~operty. In such an event, Mortgagor shall take all necessary remedial actiOn in accordance with any Environmental La w. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to b :lieve 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 axion, by private or public entities to purchase or take any or all of the Property through condemnation, eminent dmnain, or an 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 any award or claim for dam,a, ges connected with a condemnation or other takihg of all or any part of the Property. Such proceeds shall be considered pa3ments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms o~ any prior mortgage, deed of trust security agreementI or other lien document. 18. INSURANCE. Mortgagor shall keep Propert5 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 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. If Mortgagor fails to maintain the coverage described abov~ 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 ren,e, wals shall be acceptable to Lender and shall include a standard "m~rtgage 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 tile 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 carrier 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 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 tile 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 funds 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 I. . s~gn deliver and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument 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 no[ s~gn 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 this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender froin bringing any action~r claim against Mortgagor or any party indebted under tile obligation. These rights may include, but are not lixnited to, any anliideficiency 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 4 change will not release EQ150D (06/2002) Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrur lent shall bind and benefit the successors andJ 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 lurisdiction where the Instrumeut may not be amended of Property is located. Tiffs Security Instrument is complete and fully integrated. Tlfis Security Inodified by oral agreement. Any section in this Security Instrument, attachments, or any agreement ~elated 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 tiffs 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 singnlar 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 of the essence in this Security Instrument. In the event any section of tiffs Security Instrument directly conflicts with an3' section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fi[xed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of wlfich I agree to by signing this Security Instrument, the terms of the Hoxne Equity Closing Handbook shall cohtrol. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by ~nailing 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 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 tl~is state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: I-X3 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 Secur/ty Instrument will retnain in effect until' released. ~ Construction Loan. This Security Instrument secures an obligation incurred for the consttuction 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 Instru~nent suffice s as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~7X] Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenauts and ~ greements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instr amen[ ¢r/;~ Tlfird Party Rider Fr/q Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Secu ity Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. HERBERT L VERLEY Mortgagor Date R TA C VERLEY Mortgagor Date Mortgagor Mortgagor Mortgagor Mortgagor Date Date Date Date ACKN OWLED (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this ~/{' /-~ day of Witness my hand and official seal. (Signature of Officer) (Title of Officer) MY COMMISSION EXPIRES MAY~ My Commission Expires: (Seal) 561 ACKNOWLEDGMENT: (Individual) COUNTY OF The foregoin/g instrument was acknowledged before me by this ~P_~O{ /--.d,-day of Witness my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: ~---,~,q ~--'- ,~ ~)~-)~ ' _2::,?'22~s~°s ~_~ x~,ES M^~,__20:O.~ ~J (Seal) EQ150F (06/2002)