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HomeMy WebLinkAbout889975Recordi,~g requested by: Wells Fargo Bank, N.A. When recorded return to: Wells Fargo Bank, N.A. 8 8 qQ 75 P, O, BOX 31557 - -' BILLINGS, MT 59107 D0CUUENT mNACEUENT BOOK ,%'-.,0 667 PR PAGE EQ150A (06/'~nng~ State of Wyon~g . . · REFERENCE #: 20031087000103 Li,NCO ¢, CO-U..?,,ITY OLERK Space Above This Line For Recording Data ACCOUNT #: 0654-65z -7596855- 1998 MORTGAGE 5g /kO{~ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 04/25 / 2003 and the parties, their addresses and tax identification numbers, ff required, are as follows: MORTGAGOR: CHRIS HUNSAKER AKA CHRIS H, HUNSAKER AND GERALEE HUNSAKER AKA GERALEE L, HUNSAKER, HUSBAND AND WIFE, AS TENANTS BY THE ENT RETIES [] If checked, refer to the attached Addendum iucorporated herein, for additional Mortgagors ti~eir signatures and acknowledgments, n i LENDER: Wells Fargo Bank, N.A ' P, O, BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable Consideration, the receipt and sufficiency of which is ack owl dged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mo-tgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIB Y A The property is located in L I NCOLN at: (County) 35 ELK RUN LANE FAIRVlEW, WY 83119 and parcel nmnber of 311904400321 O0 together with all rights, easements, appurtenances, .royalties, ~nineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and ~II existing and fi~ture m]provements, structures, fixtures, and replacements that may now or at any time in the f~ture be part of the real estate described above (all referred to as "Property"). I MAXIMUM OBLIGATION LIMIT. The total principal amount secured by tiffs Security. Instrument! at any one time shall not exceed $ 30,000.00 . This linfitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, tiffs limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security I Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, gnara ]ty or other evidence of debt dated 04 / 25 / 2003 together with all amendments, extensions, modifications and renewals, and having a matnrity date of 04/25 / 2043 B. All fitture advances from Lender to Mortgagor under such evidence of debt. All :future advances are secured as if made on the date of this Security Instrument. Nofldng in this Security Agreement shall constitute a commitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwis, and its value and any other sums advanced and expenses incurred by Lender under th Instrument. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and terms of the Secured Debt and this Security Instrument. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, securit document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: 7o A. To make ail payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request an), future advances under any by the lien document without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lea~, :h conumtment must be protecting the Property terms of this Security n accordance with the agreement or other lien Lore or agreement secured ~ payments ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrument. MOrtgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or i~nprove the Property. b 8. DUE ON SALE OR ENCUMBRANCE. UpOn sale, transfer, hypothecation, assignment or encum rance whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at it~ 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 circuinstances where exercise of such a right by Lender is brohibited 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 allow an3 uaste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrbes that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will~ not permit an3, change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demand, s, proceedings, claims, a,nd actions against Mortgagor, and of any loss or damage to the Propert~y. 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 befo, re an inspection specifying a reasonable purpose for the inspection Any inspection of the Property shall be entirely for Lender s benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or anY of the covenants ~ontained in this Security Instrument, Lender, may, without notice, perform or cause them to be performed. Mortgagor appointsI Lender as attorney in fact to sign Mortgagor s name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exerci}ing any of Lender's other rights under the law or tiffs Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all' steps necessai3, to protect Lender's security interest ih the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property including an), extensions renewals modifications or submtut~ons of such agreements (all referred to as Leases ) and rents, ~ssues and profits (all referred to as ' Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrumbnt. Mortgagor agrees that this assignment is inm~ediately effective between the parties to this Security Instrument.~ Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmat/ve 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 comn~encing 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 R~nts with any other funds. Any amounts collected will be applied as provided in this Securit), Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor aiso 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 property is a umt in a Cond )minium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: EQ150B (06/?~''x ...... :~7 A. Obligations. Mortgagor shall perform all .of Mortgagor's obligations under the Cm stituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condoniinium 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 pursuant to tlie Constituent Documents. 1 , B. H~ard Insurance. So long as the Owners Association maintains, with a generally accepted~ insurance carrier a ' master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender an!d which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire ahd hazards included withni the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance, coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's AssOciation policy Mortgagor 'shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu Of restoration or repair follmving 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 Secure.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 may be reasonable.i° insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of 'coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common · e 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 Lender'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 by 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 management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering, the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. ' / G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when d~e, then Lender ina3, pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgage r 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, w4th interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any ether document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the 'Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. ' ' I At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving not~ce ~f reqmred by lax~, upon the occurrence of a default or anytime thereafter. In add~tmn, 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. Ail remedies are distinct, cumulative and not exClusive, and the Lender is entitled to all remedies provided at law ~r 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 balan}e is due or is accelerated or after foreclosure proceedings are filed shall not constitute a wmver of Lender s r~ght to reqmre complete cure of any extst~ng default. By not exercising any remedy on Mortgagor s default, Lender does not wmve 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.I Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant i~ this Security 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 ,ayment until paid ~n full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Instrument. Tlfis EQ150C (06/~nt~'~ . amount may include, but is not limited to, attorneys' fees, court costs, andother legal expenses. This amount does not include agreesatt°rneyS'to payfeeSforf°ranya salariedrecordationemployeecosts of°f suchthe Lender.release. This Security Instrument shall remain in effect until released. Mortgagor 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in tiffs section, (1) Engironmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 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 concermng the public health, safety, welfare, envlromnent or a hazardous substance; and (2) Hazardous Substance means any toxtc, radioactive or hazardous material, waste, pollutant or contaunnant which has characteristics winch render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. T he term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" )r "hazardous substance" under any Enviromnental 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 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 Pro ~erty. 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 S~abstance occurs on, under or about the Property or there is a violation of any Environmental Law concermng the Property.~ In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviromnental La~. ieve there is an), pending elease of any Hazardous D. Mortgagor shall ilnmediately notify Lender in writing as soon as Mortgagor has reason to be or threatened investigation, claim, or proceeding relating to the release or threatened Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened entities to purchase or take any or all of the Property through condemnation, eminent domain, or any authorizes Lender to intervene in Mortgagor' name in any of the above described actions or clain Lender the proceeds of any award or claim for damages connected with a condenmation or other takir Iion, by private or public other means. Mortgagor s, Mortgagor assigns to g of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage; deed of trust, security agreement dr other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other ha}ards 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 b5 Mortgagor subject to Lender's approx al which shall not be unreasonably withheld. If Mortgagor fmls to maintmn 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 Securit~ 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 Lender of cancellation or termination of the insurance. . I · 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 carrier and Lender. Lender may make proof of loss if not made iminediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repai: of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal sl: all not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be laid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting fro m damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acc uisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreeme ~t, 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 ign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, .nd 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 not sign an evidence of debt Mortgagor does so only to mortgage Mortgagor's interest in the Propert) to secure payment of the I ' , 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 from bringing any action o~ claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not lumted to, any an[i-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 tlfis Security Instrument. The duties and benefits of tiffs Security Instru: nent shall bind and benefit the ::uccessors and assigns of Mortgagor and Lender. I 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the e jurisdiction in which the Property is located, except to the extent otherwise required by the laws of th 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 tlfis Security Instrument, attachinents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permi :s the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instnm~ent. · Whenever used, the singular shall include the plural and the plural the.singular. The captions and headings of the sections of tiffs 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 ~ he essence in this Security Instrument. In the event any section of this Security Instrument directly'conflicts wilh any section, of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Teru~s and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property~ Insurance, all of wlffch I agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mmling 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, d' th I II' f 1' d t 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regar lng e mars mmg o ~ens an asse s, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: i-X-1 Line of Credit. The Secured Debt includes a revolving line of credit provision. Althoug] the Secured Debt may be reduced to a zero balance, fids Security Instrument will remain in effect until released. N-Z] Construction Loan. Tlfis Security Instrument secures an obligation incurred for the consl 'uction of an improvement on the Property. ~-~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgago~ owns now or in the future and that are or will become fixtures relates to the Property. This Security, Instrument suffi< ~'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. ~-~ Additional Terms. I 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and lagreements of each of the riders checked below are incorporated into and supplement and amend the terms of tiffs Security Instrument. II~ Tlfird Part5' Rider ~ Leasehold Rider N-TX~ Other · . . i , ' ' ' '' '1' ~ ri- I strument SIGNATUREs: By signing below, Mortgagor agrees ro tl~e terms ana covenants contmnea in t us aecu ty n and in any attachinents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ~E'R~LEE HUNSAKER Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Date Date D ate Date Date D ate EQI50E (06/?'~?? ~:. ACKNOWLEDGMENT: (Individual) ,.--4' q COUNTY OF ]--'t ~ d__~ The foregoing instrument was ac~nowledge,d before me by tlfis ~ ff day of /,4 f P- 't / e~s my hm~d and official seal. ( Sign~tt~re o f Offic;r')(~ ~ (Title of Officer My Conmfission Expires: ACKNOWLEDGMENT: (Individual) STATE OF The foregoing instrument was ackngwledged before me by tiffs fi, 3-'~ day of /Z]~ r- ) } .~ess my hand anFd~cial seal. ' (Signat~ure of Officer)~ (Title of Officer) My Conmdssion Expires: 4/~ /~ -5'~ EQ150F (06/~'~ ......... / ~u~yof ~ · stma 672 (Seal) (Seal) EXHIBIT A PART OF SECTION 4, T31N R119W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING BEING MORE PARTICLrLARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHICH IS 26 FEET WEST AND 150 FEET NORTH OF THE SOUTHEAST CORNER OF SAID SECTION 4 (SAID BEGINNING POINT ALSO BEING THE NORTHEAST CORNER OF THE MONT BROWN TRACT); AND RUNNING THENCE NORTH 298 FEET; THENCE WEST 140 FEET; THENCE SOUTH 198 FEET; THENCE EAST 16 FEET; THENCE SOUTH 100 FEET TO THE NORTHWEST CORNER OF THE MONT BROWN TRACT; EAST, ALONG THE NORTH BOUNDARY LINE OF SAID MONT BROWN TRACT, 124 THENCE FEET, I MORE OR LESS, TO THE POINT OF BEGINNING. TOGETHER WITH THE RIGHT OF ACCESS CONTAINED IN RIGHT OF WAY EASEMENT RECORDED FEBRUARY 15, 1989 IN BOOK 270PR ON PAGE 593 OF THE LINCOLN C DUNTY CLERK. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, G~ tS OR MINERAL RIGHTS OF RECORD, IF ANY. 673