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HomeMy WebLinkAbout878139 Recording requested by: BOO~ R WELLS FARGO BA~, N.A. ' Fidelity National-LPG 8 7 ~:~ '9 Irvine. CA 92623-9523 " , , , ~.~ -State of Wyon~lg ' ' Space Above This Line For Recordhtg Data- REFERENCE MORTGAGE (With Future ~dvance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 11 / 29 / 2001 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: ALLAN DEAN 8U~TON AND ~AE LYN BURTON HUSBAND AND WIFE AS TENANTS BY THE ENTIRETI ES ' ' · ~ If checked, rcf6r to the attached Addendum i~co~orate~ bm'tin, for addhio~a] Mortgagors their signatures and acknowledgments. LENDER: WELLS FARGO BANK, N.A. ?. 0~ BOX BILLINGS, MT 5910~ Z. CON~ANC~. ~or good ami vah]abie consideration, the r~cdpt a.d'sufficJ~noy of w~Jch is acknowledged, and to secure the Secured Debt (defi~cd be]ow) and Mor[gagor's peffornm~ce uncle[ tMs Security ]~sl:nlm¢nt, ~o~agor grants, bargains, conveys, ]%~tgages and warfares io L~nder, ~Jth power of sa]e, the following described properly: THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE ~N LINCOLN COUNTY AND STATE OF WYOMING, HEREBY RELEASING AND WAIVING ALL RIGHTS UNDER AND BY VIRTUE OF HOMESTEAD EXEMPTION LAWS OF THE STATE, TO-WiT: LOT THREE (3) AND THE WEST HALF (W 1/2) OF LOT TWO (2), OF BLOCK TWO (2) OF THE WYMAN ADDITION TO THE TOWN OF COKEVILLE, LINCOLN COUNTY, WYOMING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS COVENANTS, OIL GAS OR MINERAL RIGRTS OF RECORD, IF ANY. ' ' The property is located in L I NC 0 L N at: 310 1ST NORTH AVE COKEVILLE, WY 83114 and parcel nmnber of 2419064 0300BO0 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 fimu'e improvements, structures, fixtures, and replacemeuts that may now or a! any time in the fi;lure be part: of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total pri:]cipal amount secured by this Security Instrument at auy one time shall not exceed $ 3G, 000.00 . This limitation of amount does not inclnde interest and Other fees and charges validly ~nade pursuant to this Security Instrument. Also, t:his limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's secnrity and to perform auv of the covenants contained iu this Security Inslrument. 4. SECURED DEBT AND FUTURE ADVANCES. The 'term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revoMng 1/ne of credit, contract, guaranty or other evidence of debt dated 11 / 29 / 200 ~ together with all amendments, extensions, modifications and renewals, and having a maturity dale of 11/29/2031 B. All fi;tt~re advances :f¥om Lender to Morlgagor under such evidence of debt. All fim~re advances are secured as if made on the date of this Securily Inslmment. Nothing in tl~is Security Agreement shall constitule a cotnmitment lo make additional or fi;'ture loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed 1:o in a separate writiiig. " EQ150A (3/200]) ':: ' '; : ":'."7'? C. All sums advanced and expenses incurred by Lender for insuring, preserving, or ottierwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of lhis 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 Instrmnent. 6. PRIOR SECURITYINTERESTS.~ 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. 'Fo 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 nde or agree~nenl 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 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 Properly against any claims that would i~npair 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 ~naterials to maintain or improve the Property. 8, DUE ON SALE OR ENCUMBRANCE. 'Upon sale, transfer, hypothecation, assignxnent or e~cumbrance, 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 cond-ition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow an), 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 written consent. Mortgagor will not permit any change · in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notiff Lender of all demands, proceedings, claims, and actions against Mortgagor, and of an5, loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable ti~ne 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 PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender ma),, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any mnount 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 frmn exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including comPletion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irre~ocably grants, bargains, conveys, mortgages and warrants lo 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 "Lease~") and rents, issues 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 Instrurnent~' Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assigmnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagbr 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 will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgago? warrants that no default exists nnder ~ the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with tlie lerms 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 nnit in a Condominium Project or )s part of a Planned Unit Development ("PUD"), Mortgagor agrees to the followiug: · ' A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent DoCuments. T~ie "Constituent Documents" are the:. (i) Declaration or any other docmnent which creates the Condmninium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; anti (iv) other EQ150B (3/20015 equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Coustituent 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 nnder 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 milt or to commou 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 insnre that the Owners Association xnaintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E, Condemnation. The proceeds of any aw,ard 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, whethe~r of the unit or of the common elemenls, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid 1,o Lender. Such proceeds shall be applied by Lender to the stuns 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 writteu consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominimn 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 dolnain; (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 actiou which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. IfMortgag'or does not pay condomiuium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debl of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment,' these amounts shall bear interest, froxn 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 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 olher 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 inipaired 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 aud may establish time schedules for foreclosure actions. Subject to these liinitations, if any, Lender may accelerate the Secured Debt and foreclo~se 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 i~nmediately 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. Ail re~nedies are distract., 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 stun 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 Mortg'agor breaches any covenant in this Security Instrument. Mortgagor will also pa), on demand any amount incurred by Lender for insuring', inspecting, preserving or othenvise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in fidl 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 Leuder in collecting, enforcing or protecting Lenders' rights and remedies under this Securit), Instrument. This amonnt 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 Instrmnent shall rmnain in effect until released. Mortgagor agrees to pay for any recordation costs of such r~lease. EQ150C (3/2001) 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Enviromnental Law m~ans. without li~nitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.SC. 9601 ~I 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, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics whid~ 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 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 Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall re~nain 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, nnder or about the Property or there is a violation of any Enviromnental Law concerning the Property. In such an ev.ent, Mortgagor shall take all necessary remedial action in accordance with any Environmem.al Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is an), 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 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 e,f 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 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 t533e and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance 13rrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be nnreasonably withheld. If Mortgag0r 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 lnstrulnent. 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, iMortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give i~nmediate 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 restoratiou or repair of the Property or to the Seoured Debt; whether or not then due, at Lender's option. Any application of proceeds to principal Shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt ixnmediately 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 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 Instmlnent 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 gnaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any part}, indebted under the obligation. These,rights may include, but are not limited 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 Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument 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 EQ150D (3/2001) jurisdiction in which the Proper(y is located, except to the exlent otherwise required by the laws of the jurisdiction where the Property is located. This Security Insmunent is complete and fldly integrated. This Security Instrmuem may not be ameuded of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to tl~e Secured Debt that conflicts with applicable law will not be effeciive, unless that law expressly or hnpliedly permits the variations by written agreement. If any section of this Security Instnunent cannot be enforced according to its terms, that sectiou will be severed and will not affect the enforceabilily of the remainder of this Security Instrumem. Whenever used. the singular shall iuclude tl~e plural and the plural the singular. The captions and headings of the sections of this Security inSmunent are for convenience only and are not to be used to interpret or define tl~e terms of this Security Instrument. Time is of ll~e essence in this Security Instrument. In the event auy section of this Security Instrument direclly conflicts with any section of a certain Home Equity Closing Handbook which contains the Acconnt Agreement Terms ¢~nd Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Properly Insurance, all of which I agree to by signing this Security Instrument, the terms of the Ho~ne 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 this_Security Instrmnent, 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 o'f this stale. 25. OTHER TERMS. If checked, the :following are applicable to this Security Instnunent: ~ Line of Credit. The SeCured Debt includes a revolving line of credit provisiou. Alth;'ugb the Secured Debt ma5' 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 iu all goods that Mortgagor owns now or in the fitture and that are or will become fixtures relates to the Property. This Security Instnunent 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 Commercial Code. ~ Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to'the terms and covenants contained in this Security Instrumenl and in auy attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on ihe date slated on page 1. Mortgagor Date Mortgagor Date Mortgagor Dale Mortgagor Date Mortgagor Dale EQ150E (3/2001) ACKNOWLEDGMENT: (Individual) STATE OF ]-¢"'j The [oregoing instrument was a~owledged b'efore me by _. this .~ r-~. day of~g.c.e.~-n Witness my hand and official seal. My Commissioil Expiros: ACKNOWLEDGMENT: (Individual) this _. ~ r.~. day of ~. WJlness lily halld and official seal. MyCommissiollExpires: ,~/~0' ' EQ150F (3/2001) ..'i