HomeMy WebLinkAbout893122Recording"requestedby:
W~lls Fargo Bank, N.A.
o
When recorded return to:
Wells Fazgo Bank, N.A.
P. O. BOX 31557
BILLINGS, MT 59109
DOCUMENT MANAGEMENT
BOOK__
893112
533 PR PAGE 5 ! O
RECEIVED
LINCOLN COUNTY CLERK
"'-' - fl~llO: 51
JEANNE WAGNER
1;
State of Wyomhlg-
REFERENCE #: 2003147-/200620
MORTGAGE ~
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage ("Secnrity Instrument") is 07 / 07 ! 2003
and the parties, their addresses and tax identification nmnbers, if required, are as follows:
MORTGAGOR: STEVE R SCHUYLER AND KAREN S SCHUYLER, HUSBAND AND WIFE,
AS TENANTS 8Y THE ENTIRETY,
Space Above This Line For Recording Dala
AccOUNT #: 0654-054-8950504- 1998
[] ff checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and
acknowledgments.
LENDER: Wells Fazgo Bank, N.A.
P. 0. 80× 31557
BILLINGS, MT 59107
CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure
the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains,
conveys, mortgages and warn'rots to Lender, with power of sale, the following described property:
LOT FIFTY-EIGHT (58) IN STAR VALLEY RANCH PLAI THIRTEEN (13) AS PLATTED AND
RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING.
Tile proPerty is located in L I NCOLN at:
laO H'LLS,DE WAY T.AYNE,
and parcel number of 35183220303800 together with all rights, easements, appurtenances,
royalties, mineral rights, oil and gas fights, 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 future be part of the real estate
described above (all referred to as "Property").
MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security InstrUment at any one ti~ne shall not
exceed $ 40,600. O0 . 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 this Secufity
Instrument to protect Lender's security and to perform 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 07 / O7 / 2003 together with all amendments, extensions, modifications and renewals, and having a
maturity date of 07 / 07 / 2043
B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made
on file date of fllis Security Instrument. Nothing in this Security Agreement shall constitute a cotmnitment to make
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· 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, presen, ing, or otherwise protecting the ProperS/
and its value and any other sums advanced and expenses incu~ed by Lender under fl~e te~s of ~is Securi~
Instrument.
5. PAYMENTS. Mo~gagor agrees that all payments under the Secured Debt will be paid when due and in accordance ~th the
terms 0f the Secured Debt and this SecuriW Inst~ment.
6. P~OR SECU~TY INTE~STS. Wifl~ regard to any other moflgage, deed of ~st, securi~ agreement or other lien
document that created a prior securi~ interest or encumbrance on the Prope~, Mortgagor agrees: A. To in~e all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from fl~e 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 wi~out Lender's phor written conseut.
7. CLMMS AGAINST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
utilities, and other charges relating to the Proper~ when due. Lender may require Mo~gagor to provide to Lender copies of all
notices that such amounts are due and th~ receipts evidencing Mongagor's payment. Mo~gagor will defend rifle to the Prope~
against any claims that would impair the lien of the Secuh~ Inst~ment. Moagagor agrees to assign to Lender, as requested by
Lender, any rights, claims or defenses Mo~gagor may have against p~ies who supply labor or ~naterials to m~ntain or improve
the Prope~.
8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h~othecation, assignment or encumbrance, Whether volunta~,
involunta~, or by operation of law, of all or any pa~ of the Prope~, or any interest therein, then at its sole option, Lender may,
by written notice to Moagagor, declare all obligations secured hereby imme~ately due and payable, except to the extent that
such acceleration for and in such particular circumstances where exercise of such a hght by Lender is prolfibited by law:
9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Moflgagor ~11 keep the Prope~ in good condition and
m~e all repairs that are reasonably necessa~. Mo~gagor shall not commit or allow ~y ~vaste, impai~ent, or detehoration of
the Prope~. Mortgagor will keep the Prope~ free of noxious weeds and grasses. Mo~gagor agrees that the nature of the
occupancy and use will not substantially change without Lender,s prior written consent. Mortgagor will not pe~t any change
in any license, resthcfive covenant or easement without Lender's prior 5roUen consent. Mortgagor will noti~ Lender of all
demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to fl~e ProperS. Lender or
Lender's agents may, at Lender's option, enter the Prope~ at any reasonable time for ~e pu¢ose of inspecting the Property.
Lender shall give Mortgagor notice at the time of or before an inspection s~c~ing a reasonable pu~ose for the inspection.
~y inspection of the Prope~ shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
10. AUTHO~TY TO PE~O~. ~ Mortgagor f~ls to peffom~ any duty or any of the covenants contained in this Secufi~
Instrument, Lender may, without notice, perform or cause them to ~ performed. Mortgagor appoints Lender as attorney in fact
to sign Mongagor's name or pay any amount necessa~ for peffomance. Lender's right to peffom for Mortgagor shall not
create ~ obligation to perfom~, and Lender's failure to ~fform will not preclude Lender from exercising any of Lender's other
fights under the law or this Security Instrument. If any construction on the Prope~ is discontinued or not carded on in a
reasonable manner, Lender may t~e all steps necessaD, to protect Lender's secuh~ interest in the Prope~, including
completion of the construction.
11. ASSIGNMENT OF LEASES ~D ~NTS. Mortgagor inevocably grants, bargains, conveys, mortgages and wa~ants to
Lender as additional securi~ all the.right, title and to any and all existing or hmre leases, subleases, and any other written or
verbal agreements for the use and occupancy of any portion of fl~e Property, including any extensions, renewals, modifications or
substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all refe~ed to as "Rents"). Mortgagor
will promptly provide Lender with ~e and correct copies of all existing and ~ture Leases. Mo~gagor may collect, receive,
enjoy and use the Rents so long as Mortgagor is not in default under the terns of~is Security Instrument.
Mortgagor agrees that this assignment is immediately effective ~tween the parties to this Secufi~ Instrument. Mortgagor agrees
that this assignment is effective as to third parties when Lender takes ~mative 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 t~e actual possession of the prope~ without the necessi~ 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 ali ~ture Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in
Mongagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other ~nds.
Any amounts collected will be applied as provided m this Secu~ty Instrument. Mortgagor wa~ants that no default exists under
the Leases or any applicable landlor~tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the
terns of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DE~LOPMENTS. Mortgagor agrees to comply with the
provisions of any lease ff tiffs Securi~ Instrument is on a leasehold. If the proper~ is a Unit in a Condominium Project or is pa~
of a Planned Unit Development ("P~"), Mo~gagor agrees to the following:
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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 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 conunon elements, any
proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this
Security Instrument, with any excess paid to Mortgagor.
C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable,
as to form, amount and extent of coverage to Lender.
D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in
connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common
elements, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall
be applied by Lender to the stuns secured bythe 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 Properly 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.
13. DEFAULT. Mortgagor 'wil! 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 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.
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 fight 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 othenvise protecting
the Property and Lender's security interest. These expenses will bear interest from the date of the pay~nent 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
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amount may include, but is not limited to, attorneys' fees, court costs, and other lega! 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 pa), for any recordation costs of such release.
16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in tiffs 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 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 coxnpliance 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, clai~n, or proceeding relating to the release or threatened release of any Hazardous
Substance or the violation of an3' 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 dmnain, or any other means. Mortgagor
authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to
Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
Property. Such proceeds shall be considered 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 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 temps 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 premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier
and Lender. Lender may make proof of loss if not made immediately by Mortgagor.
Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the
Secured Debt, whether or not then due, at Lender's option. 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
Properly is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Properly
before the acquisition shall pass to Lender to the extent of the Secured Debt inunediately 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 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 xvaive any rights that may prevent Lender from bringing any action or clami against Mortgagor
or any party 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
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08 llE 51 4
Mortgagor from the terms of tiffs 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; SEVERABILIT¥; INTERPRETATION. This Security Instrument is governed by the laws of file
jurisdiction in which the Properly is located, except to the extent otherwise required by the laws of rite jurisdiction where the
Property is located. This Security Instnnnent is complete and fully integrated. This Security Instrument may not be amended of
modified by oral agreement. Any section in tiffs Security Instrument, attachments, or any agreement related to the Secured Debt
that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written
agreement. If any section of this Security Instrmnent 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 inchide the
plural and the plural the singular. The captions and headings of the sections of this Security Instrnment are for convenience
tuffy and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security
Instrument. In the event any section of this Security Instrument directly conflicts with any section of a certain Hmne 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 temps 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 this Security Instrument, or as shown in Lender's records, or to any other address
designated in writing.
24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right· regarding the marshalling of liens and assets,
and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state.
25. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
l-X-l Line of Credit. The Secured Debt includes a revolving line of credit provision. Although file Secured Debt may be
reduced to a zero balance, tiffs Security Instrument will remain in effect until released.
N-W1 Construction Loan. ~ This Security Instrument secures an obligation incurred for the constrnction of an improvement
on the Property.
~SX-} 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
Commercial 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 ternm of tiffs Security Inst .rument.
I1WA} Third Party Rider
~ Leasehold Rider
N--W1 Other
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any
attachments. Mortgagor also acknowledges receipt of a copy of flits Security Instrument on the date stated on page 1.
S T EV E,~ SCHUYLER
K R~ S SCHUYLE'-R
Mortgagor
Mortgagor
Date
Date
Mortgagor
Date
Mortgagor
Date
Mortgagor
Date
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Mortgagor
Date
515
ACKNOWLEDGMENT: '
(Individual)
STATE OF ~_Ct ~.~O .~
COUNTY OF
The foregoing instrument was acknowledged before me by
dayof . '
Witness my hand and official seal.
(Title of Officer)
, ~oo ~
My Comlnission Expires:
IMjSHIRLEY L. SHEPPARD~
Notanj Public - State of Kansas ~
(Seal)
ACKNOWLEDGMENT:
(Individual)
STATE OF ~xCk V'X.~
COUNTY OF 'DO ~ c1 la .s
The foregoing instrument was acknowl.edged before me by
this --'/ day of
Witness 1ny hand and official seal.
of Officer)
My Commission Expires: Ot211 ["Il
r_,J~ SHIRLEY L. SHEPPARD]
I~E~a Notary Public- {irate of Kansas1
[My AppI. Expires mil'7/zx~ J
(Seal)
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