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HomeMy WebLinkAbout891209Recording requested by: Wells Fargo 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 $91209 RECEIVED LINCOLN COUNTY CLERK BOOK .,.)t-~.,~pR PAGE-: ....., ... , ' ' State of Wyomh~g . . Space Above This Line For Recording Data REFERENCE #: 2003 q 257400758 ACCOUNT #: 0654-654-8426937-0001 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 06 / 11 / 2003 and rte parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: RAYMOND S. HUTCHINSON AND JOY C. HUTCHINSON, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES [] ~checked, re~rtotheanached Addenduminco¢oratedherein, BradditionalMoagagors ~eirsignauresand achmwledgments. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valu~le consideration, ~e receipt and sufficiency of w~ch is acknowledged, and to secure the Secured D~t (defined below) mtd Mo~gagor's performance under fl~s Security Instrmnent, Mortgagor grants, b~gains, conveys, mortgages and w~rants to Lender, with power of s~e, the ~llowing descried 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 'QUADROS 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 COKEVILLE, WY 83114 and 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 existing and future improvements, structures, fixtures, and replacements that may now or at any time in rite future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by Otis Security Instrument at any one ti~ne shall not exceed $ 22? 000.00 . Tiffs limitation of amount does not include interest and other fees and charges validly made pursuant to tlffs 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 rite covenants contained in tiffs Security Instrument. SECURED DEBT AND I~'UTURE 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 / 11 / 2003 togeflter with all amendments, extensions, modifications and renewals, and having a maturity date of 06 / q 3 / 2018 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Notlffng in tlffs Security Agreement shall constitute a commimtent to make EQ150A (06/ " , 446 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 stuns advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY I~TERESTS. 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 make all 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 any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender ma)' 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 improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hYPothecation, assignment or encmnbrance, 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 circmnstances where exercise of such a right by Lender is prohibited 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 commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior ~vritten consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall 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 rely on Lender's inspection. 10. AUTHORITY TO PERFORlVl. ff Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints 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 xvill not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or n°t 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. 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 any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (al! 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 Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to tiffs Security Instrument. Mortgagor agrees that this assignment is effective as to ttfird parties when Lender takes alT~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 that Lender may take actual, possession of the property without the necessity of commencing legal action and that actual possession is deemed tO occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and ,vill receive any Rents in trust for Lender and xvill not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor ~varrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply With the provisions of any lease if this Security Instrument is on a leasehold, ffthe property is a unii in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: EQ150B (06/7~~°''~'-:-2 -Trw;': A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the; (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Ass°ciation")~ (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 an), 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 co,ninon 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. ff Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender ~nay pay them. Any amounts disbursed by Lender under this section shall beco~ne 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 payxnent. 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 other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any ti~ne 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. 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 anytime 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 full 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 (06E .:- :. amount may include, bnt is not li~ted to, a~orneys' fees, cou~ costs, and other legal expenses. This mount does not include attorneys' fees for a salaried employee of the Lender. This Securi~ Ins~ment shall remain in effect until released. Mo~gagor agrees to pay for any recordation costs of such release. 16. EN~RONMENTAL LAWS ~D HAZA~OUS SUBST~CES. As used in this section, (1) Enhronmental Law means, without limitation, the Comprehensive Enviromnental Response, Compensation and Liabili~ Act (CERCLA, 42 U. S.C. 9601 et seq.), and all o~er federal, state and local laws, re~lations, ordin~ces, cou~ orders, attorney general opinions or inte~refive letters concerning the public health, s~e~, welhre, environment or a haz~dous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contminant which has charactehshcs which render the substance dangerous or potentially d~gerous to the public health, s~e~, welhre or environment. The term includes, mthout limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mo~gagor represents, warrants and agrees that: A. Except as previous¢ disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Prope~. T~s restriction does not apply to small quantities of Hazardous Substances that are gener~ly recognized to be appropriate for the nomal use and mainten~ce of the Prope~. B. Except as previously disclosed and ac~owledged in writing to Lender, Moflgagor ~d eve~ tenant have been, are, and shall remain in hll compliance with any applicable Environmental Law. C. Mo~gagor sh~l immediately noti~ Lender if a release or t~eatened release of a H~ardous Substance occurs on, under or about the Prope~ or there is a violation of any Enviromnental Law concerning the Prope~. In such an event, Mo~gagor shall t~e all necessa~ remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately not~ Lender in writing as soon as Mo~gagor has reason to believe there is any pen~ng or threatened investigation, claim, or proceeding relating to the release or ~reatened release of any Hazardous Subst~ce or the violation of any Environment~ Law. 17. CONDEMNATION. Mo~gagor will give Lender prompt notice of any pending or t~eatened action, by private or pnblic entities to purchase or t~e any or all of the Prope~ through condemnation, eminent domain, or any other means. Mo~gagor authorizes Lender to inte~ene in Moflgagor' nme in any of the above described actions or clai~ns. Mo~gagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or ofmr t~ing of all or any pail of ~e Prope~. Such proceeds shall be considered pay~nents and will be applied as provided in this Securi~ Instrument. This assignment of proceeds is subject to the terms of any prior mo~gage, deed of trust, securi~ agreement or o~er lien document. 18. INSU~NCE. Mo~gagor shall keep Prope~ insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Prope~, due to its ~e 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 Mo~gagor subject to Lender's approval, Which shall not be unreasonably withheld. ~ Moflgagor hils to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Prope~' according to the terms of this Security Instrument. ~1 insurance policies and renewals shall be acceptable to Lender and shall include a standard "mo~gage clause" and, where applicable, "loss payee clause." Mo~gagor shall i~ediately not~ Lender of c~cellation or te~nation of the insurance. Lender shall have ~e right to hold the policies and renewals. If Lender requires, Mo~gagor shall immediately give to Lender all receipts of paid pre~ums and renewal notices. Upon loss, Mo~gagor shall give immediate notice to the insurance career and Lender. Lender may m~e proof of loss if not made immediately by Mo~gagor. Unless othe~ise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of ~e Prope~ 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 ch~ge the amount of any payment. ~y excess will be paid to Mongag0r. ~ the Prope~y is acquired by Lender, Mo~gagor's right to any insurance policies and proceeds resulting from damage to the Prope~ before the acquisition shall pass to Lender to Ce extent of the Secured Debt i~ediately before the acquisition. 19. ESCROW FOR T~S AND ~SU~CE. Unless othenvise provided in a separate agreement, Mo~gagor will not be required to pay to Lender ~nds for taxes and insurance in escrow. 20. F~ANCIAL ~PORTS ~D ADDITIONAL DOCUMENTS. Mo~gagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessa~. Mo~gagor agrees to sign, deliver, and file any additional documents or ce~ffications that Lender may consider necessa~ to perfect, continue, and prese~e Mo~gagor's obligations under this Securi~ Instrument and Lender's lien status on the Propeay. 21. JOlT AND ~D~UAL L~B~ITY; CO-SIGNERS; SUCCESSORS ~D ASSIGNS BOUND. All duties under tiffs SecuriW Instrument are joint and individual. If Mortgagor signs this SecuriW Ins~ment but does not sign an evidence of debt, Moagagor does so only to moggage Mongagor's interest in the Propeay to secure payment of the Secured Debt and Moagagor does not agree to be personally liable on the Secured Debt. ~ this Securi~ Instrument secures a ~aranty between Lender and Moagagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any pa~ indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Moagagor agrees that Lender and any pa~ to tlus Securib~ Instrument may extend, modi~ or m~e any change in the terms of this Securiff Instrument or any evidence of debt wiflmut Moagagor's consent. Such a change will not release EQ150D (06/? ........ - ........ Mortgagor from the terms of this Security [nstrument. The duties and benefits of tlffs Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrulnent is governed by the la~vs of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property. is located. Tlffs Security Instrument is cmnplete and fully integrated. This Security Instrument may not be amended of modified by oral agree~nent. Any section in this Security Instrument, attaclunents, 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 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 tile sections of tiffs Security Instrument are for convenience only and are not to be used to interpret or define ti~e terms of this Security Instrument. Time is of the essence in this Security Instrument..In tile event any section of this Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook wlffch contains the Account Agree~nent 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 tiffs Security Instrument, 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 tiffs 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 tiffs state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: Line of Credit. The Secured Debt includes a revolving line of credit provision. 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. ~ 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 any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Conunercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following ,are applicable to tiffs Security Instrument. The covenants and agreements of each of the riders checked below are incorporated into and snpplement and mnend the terms of this Security Instrument. Tlfird Party Rider Leasehold Rider Other SIGNATUREs: By signing below, Mortgagor agrees to the terms and covenants contained in tlffs Security Instrument and in any attachments. Mortgagor also aclamwledges receipt of a cop)' of tlffs Security Instrument on the date stated on page 1. RA'CMO'~ S HUTCHINSON /~z~l~/' HUTC~ I NSON C Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (06/!, ' ! :::; ~: ' 45O ACKNOWLEDGMENT: (Individual)sTATE OF ',1, OU TY The foregoing instrument was acknowledged before me by this i ~ -v~ day of Witness my ha~d and official seal. (Signature of Officer) (Title of Offi$/:r) My Commission Expires: A CKN OWLED GMENT: (Individual) COUNTY OF The foregoing~nstrument was acknowledged before me by this I I ' ~ day of ~--r~ .-~ Witness my ~and and official seal. ( Signattlr"e ~[f Offi[cer) (Title of Offie'er) My Commission Expires: