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HomeMy WebLinkAbout890110Recordin'~ re'quested by: Wells Fargo Bank, N.A Whenrecordedreturnto: Wells Fargo Bank, N.A P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT 8901 BOOK, p P^CE 2 8 State of Wyomh~g · , 'Space Above This Lh~e For Recording Data- REFERENCE #: 200310074000~9 ACCOUNT #: o~5~-654/~63032g- MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 04 / 28 / 2003 and the parties, their addresses and tax identification m,nbers, if required, are as follows: MORTGAGOR: KEV IN O. HYDE AKA KEV IN. DAN I EL HYDE AND JAN I CE F. HYDE, HUSBAND AND WIFE, BY THE ENTIRET'IES 998 ,2. [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and vahiable consideration, the receipt and sufficiency of which is acknowledged, aud to secm'e the Secured Debt (defined below) and Mortgagor's performance under this Security Instrunmnt, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE IN LINCOLN COUNTY, STATE OF WYOMING, TO WIT: NEll4 NWl/4 NWl/4 AND Sl/2 NWl/4 NW 1/4 OF SECTION 34, T 33 N, R 119 W, 6TH P.M., WYOMING CONSISTING OF 30 ACRES, MORE OR LESS. The property is located in L I NCOLN at: (Count),) 1539 TOMS CANYON ROAD AUBURN, WY 83111 and p~cel number of 33193420011000 together with all rights, easements, appurtenances, royalties, nfineral rights, oil and gas fights, all water and riparian rights, ditches, and water stock and all existing and fim~re improvements, structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Iustrument at any one time shall not exceed $ 15,000.00 . This li~nitation of amount does not include interest and other fees and charges validly nmde pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrmnent to protect Lender's security and to perform an3, of the covenants contained in this Security Instru~nent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissou' note, revolving line of credit, coutract, guaranty or other evidence of debt dated 04 / 28 / 2003 together with all alnendments, extensions, modifications and renewals, and having a maturity date of 04 / 28 / 2028 B. All fi~ture advances front Lender to Mortgagor under such evidence of debt. All f~ture advances are secured as if nmde on the date of this'Security Instrument. Nothing in this Security Agreement shall constitute a commitment to make EQ150A (06/2002) i is additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by,Lender for insuring, preserving, or otherwise protecting the Property and its value and an), other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mo~gagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the SecUred Debt and this Security Instrument. 6. P~OR SECU~TY INTE~STS. With regard to any off, er mo~gage, deed of trust, securiW agreement or other lien document that created a prior secufiW interest or encumbrance on the Prope~,, Mortgagor agrees: A. To m~e all payments when due and to perform or comply with all covenants. B. To prmnptly deliver to Lender any notices that Mortgagor receives bom the holder. C. Not to allow any xnodification or e~ension of, nor to request any ~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, encmnbrances, lease payments, ground rents, utilities, and other charges relating to the Prope~ When due. Lender xnay require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mongagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the SecuriB, Instm~nent. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mo~gagor may have against parties who supply labor or materials to maintain or ilnprove the ProperW. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h)?othecation, assignment or encumbrance, whether volunta~, involunta~, or by operation of law, of all or. any pan of the Prope~ 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 pa~icular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTE~TIONS AND .INSPECTION. Mo~gagor will keep the Prope~, in good condition and m~e all repairs that are reasonably necessa~. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Prope~. Mortgagor will keep the Prope~ bee of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will noti~ Lender of all demands, proceedings, claims, and actions agmnst Mortgagor, and of any loss or damage to the ProperW. Lender or Lender's agents may, at Lender's option, enter the Prope~ at any reasonable time for the pu~ose of inspecting the Prope~. Lender shall give Mortgagor notice at the ti~ne of or before an inspection speci~ing a reasonable pu¢ose for the inspection. ~y inspection of the Prope~ shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PE~O~. If Mo~gagor fails to perform any duff or any of the covenants contained in this SecuriB, Instrument, Lender may, without notice, perform or cause them to be performed. Mongagor appoints Lender as attorney in fact to sign Mongagor's name or pay any amount necessa~ for performauce. Lender's right to peffo~ for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender horn exercising any of Lender's other rights under the law or this SecuriW Instrument. If any construction on the Prope~, is discontinued or not carried on in a reasonable manner, Lender may t~e all steps necessau~ to protect Lender's securi~ interest in the Prope~, including completion of the construction. 112 ASSIGNMENT OF LEASES ~D ~NTS. Mortgagor irrevocably grants, bargains, conveys, mo~gages and warrants to Lender as additional securi~ all the right, title and to any and ~1 existing or ~ture leases, subleases, and any other written or verb~ agreements for the use and occupancy of any portion of the Prope~y, 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 tree ~d correct copies of all existing and ~ture Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Securiff Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to t~s SecuriW Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender t~es ~rmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees flint Lender may t~e actual possession of the prope~; without the necessiB' of cm~mucing legal action and that actual possession is dee~ned to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all ~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mongagor's possession and will receive ~y Rents in trust for Lender and will not comungle the Rents with any other ~nds. Any amounts collected will be applied as provided in this Securi~ Instm~nent. Mortgagor wa~ants that no default exists under · e Leases or any applicable landlor~tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of fl~e Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANED UNIT DEVELOPMENTS. Mortgagor agrees to cmnply with the provisions of any lease ff this Security Instrument is on a leasehold, ff the prope~ is a unit in a Condomimum Project or is pan of a Plammd Unit Development ("P~"), Mortgagor agrees to the following: EQISOB (06/ A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent L~ocuments. The "Constituent Documents" are the: (i) Declaration or any otherdocument which creates the Condominium Projects or PUD and an~, 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 the Constituent Docmnents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condonfinium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation .under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prmnpt 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. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or 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 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 Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruct/on 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) ternfination 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 due, then Lender may pay them. Any amounts disbursed by Lender under this section shall beco~ne additional debt of Mortgagor secured by this Security Instrmnent. 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 Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any part5' 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 Instruinent or any other 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 vahie of the Property is impaired shall also constitute an event of default. 14. REMEDHgS 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 an3', Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. 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 notice if required by law, upon the occurrence of a default or anytnne 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 distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity., whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this 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 payment until paid in fifll at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This EQ150C (06/2002) OSD )liO 2 41 amount may include, but is not limited to, attorneys' fees, court costs, and other ~egal expenses, This amount does not include attorneys' fees' for a salaried employee of the Lender. This Sec~rity Instrument shall remain in effect until released. Mortgagor agrees to pay for any recOrdation costs of such release. 16. ENVIRONMENTAL LAWS AND ItAZARDOUS SUBSTANCES. As used in this section, (1) Environmental 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 concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous ~naterial, waste, pollutant or contaminant which has characteristics which reuder the substance dangerous or potentially dangerous to the pnblic 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 Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and ~naintenance 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 full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous 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 Law. D. Mortgagor shall immediately 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 condenmation, eminent doinain, 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 any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered pay~nents 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 or other lien document. 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 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 above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrnment. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "~nortgage clause" and, where applicable, "loss payee clause." Mortgagor shall itmnediately 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 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. An), application of proceeds to pnncipal shall not extend or postpone the due date of the scheduled payment nor change the amount of an), 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 othem'ise 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 sign, 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 Instru~nent 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 Ivlortgagor 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 or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not li~nited 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 EQ150D (06~7 i. 22. Mortgagor from the terms of tiffs Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successorsand assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instruinent 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 Properly is located. This Security Instrument is complete and fidly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement 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 this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the elfforceability of the remainder of this Security Instrument. Whenever used, the 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 of 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 Agree~nent to Provide Flood/Property Insurance, all of which I agree to by signing this Securi .ty Instrulnent, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless othenvise 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 extent prohibited by law, Mortgagor waives any right regarding the tnarshalling of liens and assets, 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: Line of Credit. The Secured Debt includes a revolving line of credit provisionl Although the Secured Debt ma); be reduced to a zero balance, this Security Instrument will remain in effect until released. Coustruction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~TZ] 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 Instrument suffices as a financing statement and m~y carbon, photograplfic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~-] Additional Terms. 26. RIDERS. ff checked, the follownig are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider 87~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Insmunent and in any attachinents. Mortgagor also acknowledges receipt of a copy of this Secnrity Instrument on the date stated on page 1. - s - ~ ~' Mo~gagor Date lei [ ~S[ ' ~ Moagagor '' ~at~ Mortgagor Date Mortgagor Date Mortgagor Date EQI50E (06/2002) Mortgagor Date 243 ACKNOWLEDGMENT: (Individual) The foregoing instrument was acknmffledged before me by ~h~s ~ day of ~ f~ I Witness my hand and official seal. (Si?W~fre of ~fficer) My Commission Expires: ACKNOWLEDGMENT: (Individual) COUNTY OF ~tEd ~ The foregoing instrument was acknowledged before me by tiffs ~© day of ~i) N'-[ Witness my hand and official seal. (Title of Officer) J My Commission Expires: ] I.h~cdln ~ Wyo~ng r ~ M~mmis~n ~plrea OcL 24, 2~4 (Seal) EQ150F (06/2