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HomeMy WebLinkAbout891942Recording requested by: Wells Fargo Bank, RECEIVED LINCOLN COUNTY CLERK Wells Fargo Bank, N.A. P. o. BOX BILLINGS, MT 59107 DOCUMENT MANAGEMENT State of SVyoming- · · REFERENCE fi: 20031437400502 MORTGAGE h,¢,~ (With Furore Advance Clause) DATE AND PARTIES. The date oftlds Mortgage ("SecuriU: Instrument") is 08 / 20 / 2003 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: ,JOSEPH L, ROOANO AND L ILL laN M, ROD&NO, HUSBAND AND WI FE, AS TENANTS BY THE ENTIRETIES Space Above This Line For Recording Data ACCOLi'NT fl: 0654-654-8648662- 1998 [] 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 mad valuable consideration, the receipt and strfflciency of which is ackno;vledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instruluent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT 16 OF NORDIC RANCHES DIVISION NO, 3, LINCOLN COUNTY, WYOMING ACCORDING TO THAT PLAT FILED APRIL 6, 1993 AS PLAT NO. 311 B. 4.. The property is located in L I NCOLN at: (Count% 24 WHEATR[BGE LANE ETNA, 'WY 8~3118 and parcel number of 12-3619-26-4-00- 1 q I . 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 the fl~ture be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 20,000.00 . 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 aris Security Instrument to protect Lender's security and to perfonu any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 06 / 20 / 2003 together with all amendments, extensions, modifications and renewals, and having a maturity date of 06 / 20 / 2043 B. All future advances from Lender to Mortgagor under such evidence of debt. All f-uture advances are secured as ff made on the date of tlfis Security Insmmmnt. Nothing in this Security Agreement shall constitute a colmnitment to make EQiSOA (06/2.' .. ;.'.: ' 174 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 arid expenses incurred by Lender under tile texans of this Security ;[nstrume, nt. ', 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 INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encmnbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply x~drh 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 arty 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 may require Mortgagor to provide to Lender copies of all notices that such amounts are due and' the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claiats 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 ina5, have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, h3q3othecation, assigmnent or encmnbrance, whether voluntary, involuntary, or by operation of law, of 'all or any part of the Proper(v or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, deblare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances 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 mfkke 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 noxiot~s 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 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 propose 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 may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay an5, amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's fifilure to perform will 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 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 tile 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 'ail existing or future leases, subleases, and any otlmr wrirten or verbal agreements for the use and occupancy of arty portion of the Property, including any extensions, renewals, ~nodifications or snbsthutions of such agreements ia.ll referred to as "Leases") 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 tiffs Security Instrument. Mortgagor agrees that this assigmnent is irmnediately e~ective between the parties to this Security Instrmnent. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative 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 conunencing 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 arid will not conmfingle the Rents with any other fitnds. Any amounts collected will be applied as provided in this Security Instrument. Mo~lgagor warrants 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 ax~y lease if this Security Instrmnent is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: EQ150B (06/2[ .... 2 "~7!~-'~7 .... : ..... :'a 175 A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are thc: (i) Declaration or any 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 duS, all dues and assessments imposed pursuant to the Constituent t 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 insnrance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association polio3~. 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 ttds Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the lite of the Secured Debt which is acceptable, as to form, amount aud 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 clai~n for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or an}' part of the Property, whether of the un/t or of the common elements, Or for any conveyance in lieu of condenmation, 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 cousent, either partition or subdivide the Property or consent to: (i) tI~e abandonment or termination of the Condominium Project or PUD, except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) tern~ination 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 condomi~fium 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. 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 gmarantying 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. 1.4. 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 InsLmment in a m~Tnner 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, tlds Security Instrument and any related documents, inchiding without limitation, Lhe power to sell the Properly. 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 de[au[t 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 other~vise 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, e~dTorcing or protecting Lenders' rights and remedies under this Security Instrument. This EQISOC (06/2 : :":-:,' amom~t 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 SUBSTAI'~'CES. As used in this section, (1) Environmental Law means, without limitatiou, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and ail other federal, state and local laws, regxdations, ordinances, court orders, attorney general opinions or interpretive letters concerning tile public l'~ealth, safety, weffare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contanfinant wtfich has characteristics which 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 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 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 Enviromnental Law. C. Mortgagor shall innnediately notify Lender if a release or threatened release of a Hazardous Substance occurs onl under or about the Property or there is a violation of any Enviromnental 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 pr/vale or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mollgagor 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 t~d~ing of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrmnent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 1§. 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 "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall irmuediately noti~, Lender of cancellation or termination of the insurance. Lender shall have tile 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 lnake proof of loss ff 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 proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Seem'ed 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 necessa~w. 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 Instrmnent 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 pm-ty 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 Instrmnent 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 22. Mortgagor from the terms of tNs Security Instrument. The duties and benefits of tlfis Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABIIAT¥; INTERPRETATION. T15s Security Instrument is governed by lhe laws of the 23. 24. 25. 26. jurisdiction in whi..ch the Property is located, except to the extent-otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and f~lly integrated. This Security Insmunent may not be amended of modified by oral agreement. Any section in this Security Instrmnent, 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, ff any section of this Security Instalment cannot be enforced according to its terms, that section will be severed and will not affect the e~fforceability of the remainder of this Security Instrument. Whenever used, the singular shall inclnde 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 Secufity 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 Agreement to Provide Flood/Property Insurance, all of wlfich I agree to by signing this Security Instrument, the terms of the Home Equity- Closing Handbook shall control. NOTICE. Unless othem, ise 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 tlds Security Instrument, or as shown in Lender's records, or to any other address designated in writing. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any fight reg~ding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of tlfis state. OTHER TERMS. ffchecked, the following are applicable to this Security.- Instrument: Line of Credit. The Secured Debt includes a revolvmg line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Securily Instrmnent will remain in effect until released. Construction Loan. This Security Instmrnent secures an obligation incurred for the constrnction 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 fnture and that are or will become fixtures relates to the Property. Tlfis Security Instrument afffices as a :financing statement and any carbon, photograplfic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. RIDERS. If checked, the following are applicable to this Security Insmunent. 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 [ix¢~ Leasehold Rider ~YXq Other SIGNATURES: attachments. By sigmng below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any Mortgagor also acknowledges receipt of a copy of thls Security Instrunmnt on the date stated on page 1. Mortgagor / Dhte Mortgagor Date Mortgagor Date Date Date Date Mortgagor Mortgagor Mortgagor EQ150E (06/2' ,!'::':: .