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HomeMy WebLinkAbout891208Recording requested by: Wells Fazgo Bank, N.A. Requested By: Wells Fargo Home Equity When Recorded Mail to: Fidelity National-LPS P.O. BOX 19523 IRVINE CA 92623-9523 WFSRP4 REOEIVED LINOOLi',.I COUNTY OLERK 891208 c,':? ,"':'--? ,, lo ,BOOK O~, ~ PR PAGE ' ' '- State of Wyonfing . . -Space Above Tiffs Line For Recording Data- REFERENCE #: 20031257000-166 ACCOUNT #: 0654-654-8426236-0001 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date oftlfis Mortgage ("Security. Instrument") is 06 / 10 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: RAYMOND S. HUTCHINSON AND JOY HUTCHINSON AKA JOY C. HUTCHINSON, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES [] ~checked~re~rt~thea~achedAddenduminc~ratedherein~raddi~na~M~rtgag~rstheirsignamresand acknowledgnrents. LENDER: Wells Fargo Bank, N.A. P. O, BOX 31557 BILLINGS, MT 5910~ 2. CONVEYANCE. For good m~d va~le consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured D~t (defined below) and Mortgagor's performance under this SecuriW Instnm~em, Mortgagor grants, b~gains, conveys, tuG,gages and wa~ants to Lender, wi~ power of sale, the ~llowing described property: LOTS 12 AND 13 OF THE QUADROS FIRST ADDITION TO THE TOWN OF COKEVILLE, LINCOLN COUNTY, wYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. ALSO BEGINNING AT THE SOUTHWEST CORNER OF LOT 14 OF THE QUABROS FIRST ADDITION TO THE TOWN OF COKEVILLE, WYOMING AND RUNNING THENCE EASTERLY ALONG THE SOUTH BOUNDARY LINE OF SAID LOT 14 A DISTANCE OF 40 FEET; AND THENCE NORTHERLY ALONG A LINE PARALLEL TO THE EAST BOUNDARY LINE OF SAID LOT A DISTANCE OF 100 FEET TO A POINT ON THE NORTH BOUNDARY LINE OF SAID LOT; THENCE WESTERLY TO THE NORTHWEST CORNER A DISTANCE OF 40 FEET; THENCE SOUTHERLY ALONG THE WEST BOUNDARY LINE A DISTANCE OF 100 FEET TO THE POINT OF BEGINNING. The property is located in L I NCOLN at: (County~ 325 5TH STREET COKEVlLLE, WY 83114 aud parcel number of 12-2419-08-2-01-001 . 00 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existiug and future improvements, structures, fixtures, and replacements fl~at ma)' now or at any time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 56,353.00 . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of tiffs Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. 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, guaranty or other evidence of debt dated 06 / 10 / 2003 together with all amendments, extensions, modifications and renewals, and having a maturity date of 07 / 01 / 2018 B. All future advances from Lender to Mortgagor under such evidence of debt. All fl~ture advances are secured as if nmde on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a conmtitment to make EQ150A (06/5 additional or future loans or advances ~vlfich exceed the amount shown in Section 3. Any such com~nitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Prope~ and its value and any other sums advanced ~d expenses incurred by Lender under the terms of this Securi~ Instrument. 5. PAYMENTS. Mo~gagor agrees fl~at all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this SecuriB~ Instrument. 6. P~OR SECU~TY INTE~STS. With regard to any other moffgage, deed of trust, securiW agreement or other lien document flint created a prior securiff 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 promptly deliver to Lender any notices that Mo~gagor receives from the holder. C. Not to allow ~y modification or extension of, nor to request any ~ture advances under any note or agreement secured by ~e lien document wi~out Lender's prior written consent. 7. CL~S AG~NST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Prope~ when due. Lender may require Mo~gagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mongagor's payment. Mo~gagor will defend title to the Properly against any clai~ns that would impair the lien of the Securi~, Instrument. Mo~gagor a~ees to assign to Lender, as requested by Lender, any rights, claims or defenses Mo~gagor may have ag~nst pa~ies who supply labor or materials to maintain or improve the Prope~. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h)~othecation, assignment or encmnbrance, whether volunta~, involunta~, orby 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 Mo~gagor, declare all obligations secured hereby imtnediately due and payable, except to the extent that such acceleration for and in such pa~icular circumstances where exercise of such a fight by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Mo~gagor will keep the Property in good condition and m~e all repairs that are reasonably necessa~. Mo~gagor shall not commit or allow any waste, impairment, or deterioration of the Propemy. Mo~gagor will keep the Prope~ free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change m~out Lender's prior written consent. Moagagor will not permit any change in any license, restrictive covenant or easement without Lender's prior x~iUen consent. Moagagor will noti~ Lender of all demands, proceedings, claims, and actions against Moflgagor, ~d of any loss or damage to fl~e Property. 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 Mongagor notice at the time of or before an inspection speci~ing a reasonable pu¢ose for the inspection. Any inspection of the Prope~y sh~l be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PE~O~. ff Mo~gagor fails to perform any du~' or any of the covenants contained in this SecuriW Instrument, Lender may, without notice, perform or cause them to be performed. Mo~gagor appoints Lender as attorney in fact to sign Mo~gagor's name or pay any amount necessa~ for performance. Lender's right to peffom for Mo~gagor 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. ff any construction on ~e Prope~ is discontinued or not carried on in a reasonable manner, Lender may t~e all steps necessa~ to protect Lender's securiW interest in the Prope~, including completion of the construction. 11. ASSIGNMENT OF LEASES ~D ~NTS. Mo~gagor irrevocably grants, bargains, conveys, mo~gages and warrants to Lender as additional securiW all the right, title and to any and all existing or ~ture leases, subleases, and any other written or . verbal agreements for &e use and occup~cy of any potion of the Properff, including any extensions, renewals, mo&ficafions 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 and correct copies of all existing and future Leases. Mo~gagor xnay collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terns of this Secufi~ Instrument. Mo~gagor agrees that this assigmnent is i~ediately effective between the parties to this SecuriW Instrument. Mortgagor agrees that this assignment is effective as to third paaies when Lender t~es ~rmative action prescribed by law, and that this assignment will remain in effect d~ing any redemption period until the Secured Debt is satisfied. Mongagor agrees that Lender may t~e actu~ possession of the prope~' without the necessiB, of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and dem~ds that any tenant pay all hture Rents direcfly to Lender. On receiving notice of default, Mongagor will endorse and deliver to Lender any payment of Rents in Mo~gagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents wifl~ any other ~nds. Any amounts collected will be applied as provided in this Securi~ Instrument. Moffgagor warrants that no default exists under the Leases or any applicable landlor~tenant law. Mo~gagor also agrees to maintain and require any tenant to comply with ~e terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOM~MS; PLANNED UNIT DE~LOPMENTS. Mo~gagor agrees to comply with the provisions of any lease ff this SecuriW Instrument is on a leasehold, ff the prope~ is a umt in a Condomimum Project or is pan of a Pl~ed Unit Development ("P~"), Mo~gagor agrees to the following: EQ 150B (06/~ ............ ; ii'~': C '~'"Y ...... ~ 13. 14. 15. EQ150C (06/~ A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the COnstituent Documents. The "Constituent Documents" are the: (i) Declaration or an), 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 pursuant to the Constituent Documents. B. Hazard 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 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 prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, mnount 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 cond.emnation .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 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 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 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 Mortgagor requesting payment. 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 ff a breach occurs under the terms of this Security Instrument 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 value of the Property is impaired shall also constitute an event of default. 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. 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, af~ter giving notice if required by law, upon the occurrence of a default or anytime thereafter. In additiou, 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. 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 pay~nent until paid in frill at the lfighest 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. Tlfis amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of.the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such 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 (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 material, waste, pollutant or contaminant which has characteristics Milch render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmemal 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 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 condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of tim 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 payments and xvill 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, thefi 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 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. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premimns 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 pi-oceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender 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 docmnents 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 not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If 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 linfited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any exddence of debt without Mortgagor's consent. Such a change will not release EQ150D (06/79°~- ..... ~- Mortgagor from the terries of this Security Instrument. The duties and benefits of tlds Security InsLrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of file jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be mnended of modified by oral agreement. Any section in this Security Instrument, attaclm~ents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or i~npliedly pernfits 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 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 tlfis 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/Property Insurance, all of which 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 mailing it by first class mail to the appropriate party's address on page 1 of tlfis 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 inarshalling of liens and assets, and hereby releasing and waiving ali 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: [iW71 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 Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~-E]' Fixture Fil,ing. 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 any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Colmnercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following 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. W/Jq Tlfird Party Rider ~ Leasehold Rider ~7~ Off,er SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrulnent and in any attachments. Mortgagor also acknowledges receipt of a copy of riffs Security Instrument on the date stated on page 1. UTCH I NSON Mortgagor RAYMOND S HUTCHINSON Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (06/: 444 ACKNOWLEDGMENT: (Individual) STATE OF o coum- oF The foregoing instrument was acknowledged before me by this I 0'~ day of Wimess my hand and official seal. (Sigma~uure of Officer) My Commission Expires: ACKNOWLEDGMENT: (Individual) STARE Or COUNTY OF The foregoin,~.~nstrument was acknowledged before me by this I 0 day of Witness my hand mad official se~. (Si~a~'Offi~er) (Title of Offi~ My Conlnfission Expires: EQ150F (06/2n o -''-'