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HomeMy WebLinkAbout893412SEP-08-2003 MON 02:05 PHNELLS FARGO ROK '<57. ' .¥:' ':;.;. ::!::: S?RGS · Recording requested by: Wells FaIgo Bank, N.A. Fh× NO, 18012460620 P, 12/24 2'3 EECE WED ..... ".,'-" OLERK wells Fargo Bank, N,A. ,.I~.,.¢. '~ - P 0 BOX 31557 ,.~..,,~r 7PFi~ ..... '~"~'" B,LL,N S.. ' oo 534 038 St, lie Gl'Wyoming . . Space Above 'l'hl~ L,mc 17or Ro~ording Dali' REFER.ENCE #; 2003234-1400132 ACCOUNT #: 0§54-654-955t~001-0001 MORTGAGE (With Future Advance Clause) DATE AND PARTrES. The date of this Mortgage C'Securiry Instrument") is 0§ ! 08 2003 and the parties, their addresses and lax identification numbcrs, if required, are as follows: MORTGAGOR: CLAYTON C. THOMAN AND ABRIANNE M. THOMAN [] If checked, mi'er to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells ~'argo ~a~k, P. O. 80X 3155'1 BILLINGS, MT 6glO'7 CONVEYANCE. For good and valuable consideration, the receipt and stffficienoy 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 warrants to Lender, with power of sale, the following described property: LOTS 40. 41, AND 42 Of THE VIOLA SUBDIVISION. PHASE NO. 1, LINCOLN COUN'V. WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF, The property is located in L I NCOLN at: 65 JONES DR LABAROE, WY 83(72~, and parcel number of together with all rights, easements, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all improvements, structures, fixtures, and replacements that may now or at any time in the future bt part of described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument a~ exceed $ 3 ~. 500.00 , This limitation of mnount does not include interest and other fees and pursuant to this Security Instrmnent. Also, this linffmtion does not apply to advances made rattier thc Instrument to protect Lcuder's security .and to perform any of the covenants contah~ed in tiffs £ec'adty lnst SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. ppurtenanees, xisting and future te re. al estate ~ny one time shall not charges validly made terms of this Security ulnent. Debt incurred under the terms of thc promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 09 ! Oa / 2003 together with all amendlnents, extensions, modificafimu and renewals, and having a maturity date of 09 / 01 / 2008 All future advances from Lender to Mortgagor tinder stroh evidence of debt. All furore advances are secured as if rrmdu on the date of lhis Security Instrument. Nothing in this Security Agreement shall constitute a commitment to nmke EQISOA (0612002) ELL$ F RQO ROK SPRGS FR× NO, 18012460620 P. 13/24 additional or future loans or advances which exceed the amount shown in Section 3. Any such commilment must be agreed to in a separate writing. C All sums advanced and expenses incurred by Lender for insuring, preserving, or othenvis¢ protecting the Property and its value and any other sums advanced and cxpenses incurred by Lender under the terms of this Security htstrumcnt. 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 agrecqnent or other lien document that created a prior security interest or encumbranoe on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all cove~mnts, 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 writlen consent. 7. CLAIMS AGAINST TIILE. 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 tide to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor a~ees to assign to Lender, as requested by Lender, any rights, claims or defel~Ses 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 encumbrance, 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 circun~s~xnees where exercise of such a right by Lender is prohibited by law, 9. PROPERTY CONDITION, ALIERATIONS AND INSPECTION. Mortgagor will keep die Properly in good condition and make all repairs that are reasonably necessary. M°rtgagor 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 written consent. Mortgagor will not permit an), 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. a~d 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 s~pecifying a reamnable purpose for the inspection· Any inspection of the Propen3, shall'be 'entirely for Lender's benefit and Mortgagor will in no way rely on Lender'~s inspection. 10. AIJTItORITY TO PER.FORM. It' Mortgagor fails to perform any duty or any of the covemmts 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 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 the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor Irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional securi~' 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 occupanoy 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 (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and fU:~fi?~-l.~h~e~'--Mortgagor ma). collect, receive, enjoy and use the Rents so long as Mortgagor is not tn default under the terms of this Security Instrument. Mortgagor agxees that this assigrunent is immediately effecttve between the parties to this ~t~urity Instrument. Mortgagor agrees that this assignment is effective as .to third parties when Lender takes affirmative action prescribed by las,, and that this assigmnent will rern~n in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take aclual 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 tn Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle thc Rents with any other funds. Any amounts collected will be applied as provided in this Securib' Instrument. Mortgagor 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 thc Leases and applicable law. ll. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease Et'this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development CPUD"), Mortgagor agrees to the following: SEP-08-2003 NON 02:05 PM WELLS FflRGO ROK SPRGS FA× NO, 18012460620 P, 14/24 A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Document~. Thc "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-taws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall prompdy pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. tlazard 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 thc 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 thc 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 arc hereby ,assigned and shall be paid to Lender for application to the sun~ 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 th,at the Owners Association maintains a public liability inmrance 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 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 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 requfi'ed 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 docs 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 f~om the date of disbursemem 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 bc 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 cum or other notices and may establish time ~chedules for foreclosure notions. 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, al} 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, rite 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 arc filed shall not constitute a waiver of Lender's right to require complete ¢~e of any existing default. By not exercising an), remedy on Mortgagor's dcfauh, Lender does not waive Lender's right to later cmtsider the event a dct'ault 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 Scourity Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or othcrwLse 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 crrect as provided in the terms of thc Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender itt collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This EQDOC (06/2002) SEP-08-2003 MON 02:06 PM WELLS FARGO RCK SPRGS FAX NO, 18012480620 P, 15/24 amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried empl.oyec of the Lender. This Security Instrtmxent 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 this section, (l) Environmental Law means, without limitation, the Comprehcn~sive Environmental Response, Compensation and Liability Act (CERCLA, 42 U'.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, cou~ orders, attorney general opinions or interpretive letter5 concerning the publi~ health, safety, welfare, environment or a hazardous subs~xnc¢; and (2) Hazardous Substance means any toxic, radioaclive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, sa/et)', 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 ~q'iting to Lender, no Hazardous Substance is or W~ll be located, stored or relcased on or in the Prope,"ty. This restriction does not apply to small quantities of Hazardous Substances that arc generally recognized to be appropriate for thc normal usc and mainlenancc of thc 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 Em,ironmcntal Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occuxs on, under or about thc Prope~3' or there is a violation of any Environmental Law concerning the Property.. In such an event, Morlgagor shall mice 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 thc release or threatened release of any Hazardous Substance or thc violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, b), private or puhlic entities to purchase or lake any or all of the Property tkrough condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intcrvcnc 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 Inking of all or any part of thc Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to thc terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. ]2NSURANCE. Mortgagor shall keep Property insured against loss by firc, flood, theft and other hazards and risks reasoitably associated with thc Property due to its r)pc and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. Thc insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not bc unreasormbly v,~thheld. ~f Mortgagor fails to nmintain thc coverage described abovc, Lender may, at Lender's option, obtain coverage to protect Lender's rights in thc Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause" Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender slmll have the right to hold thc 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 inm~ediate 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 thc Secured Debt, whether or not then due, at Lender's option. Any application of proceeds 1o principal shall not extcnid or postpone the duc date of tho scheduled payment nor change the amount of an)' payment. Any excess will be paid to Mortgagor. If thc Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resulting from damage to thc Property before the acquisition shall pass to Lender to thc ex'tent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSU'RANCE. U~ess otherwise provided in a separate agreement, Mortgagor will not be rcqu/red to pay to Lender funds for taxes and insurance tn escrow. 20. FINANCIAL REPORTS AND AI)DITIONAL DOCUMENTS. Mortgagor will provide m 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 Mortgager's obligalions under tlfis Sccurity Instrument and Lender's lien status on the Property. ~1. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND.ASSIGNS BO[IND. All duties under this Seo. ffit),'Instrument'-~ir~]~l-n/-hr~d'ihdi¥.idual. If Mortgagor signs tiffs security lnstmmcn! but docs not' sign an o,,idence of debt, Mor~gagor does so only to mortgage Mortgager's interest in the Property to secure payment of thc Secured Debt and Mortgagor does not agree to be personally liable on thc 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 agai~t Mortgagor or any party indebted under the obligation. These rights may Include, but are not limited to, any ami-dcficicn%, or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make ,'my change in the tern~ of this Security Instrument or any evidence of debt without Mortgager's consent. Such a change will not release EQIS0D (06/2002) SEP-08-2003 MOH 22. 02:06 PM WELLS F,qRGO RCK SPRC, S FAX NO, 18012460620 P, 16/24 Mortgagor from ~e ter~ of ~is Securi~ Instrument. The du~es ~d benefits of ~is S~fi~ Imtm~nt s~ll bind and benefit the mccessors and assigm of Mop,got and Lender. ~PLICABLE LAW; SEVERABILITY; ~T~TATION. T~s S~fi~ lnstrmnent is gorged by the laws of ~e jurisdiction in which thc Propcrly is located, except to the ex'tent otherwise reqttired by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully Integrated. Tilts Security Instrument may not be amel~ded of modified by oral agreement. Any section itl this Security Instrument,' attachments, or any agreement related to the Secured Debt that conllicts with applicable law will not be effective, unless that law expressly or impliedly permits the varialions by written agreement. It' any section of this Security Instrument cannot be enforced according to it~ terms, that section will be severed and will not atfect the enforceability of the rernainder of this Security Instrument. Whenever used. tile slngalar shall include the plural and the Plural the sinbmla~. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to lmerpret or define thc terms of this Security Instrument. Time is of the essence in this Security Instrument. In Ifc evenl any section of this Security Instmmeut 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 Ternu and Conditions (as applicable), the Arbitration Agreemc'mt, and the Agreement agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless othem,ise required by law, any notice shall be given by delivering it or by mailing it by first olass mall to the appropriate party'S address on page 1 of this Security Instrument, or as shown in Lm~der'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 marsl-uflling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of tlds state. :15. OTHER TERMS. If checked, tile following are applicable to dfis Security Instrument: Line of Credit. The Secured Debt includes a revolving line of credit provision. Although thc Secured Debt may be reduced to a zero balance, this Security Instrmncnt will remain in effect until released. ~ Con~truction Loan. This Security Instrument secures an obligation incurred for tI~c construction of an improvement ou the Property. ~-I Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fitture . and that are or will becomefixtur_cs relates to the Property. This Security.hlstmment suffices as a financing statement and any carbon, phot°graphi¢ °r'other reproduction may be filed of record for purposes of Article' 9of the Uniform Comntercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Inslrument. The covenants and agreements of each of the ride~s checked below arc incorporated into and ~upplement and amend the terms of this Security Instrmncnt. [1~ Third Party Rider [NT~ Leasehold Ridc.r ~-D Other SIGNATURES: By signing below, Mortgagor agrees to the lenns and covcnanLs contained in this Security Instrument and in any attaclunenu. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. C ~ ABR I ANNE M 'THOMAN Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Date Date Date Date Date Date EQ.]~OE (o6/~oo2) . SEP-08-2003 ItOH 02:06 Pit WELLS FARGO ROI( SPRGS FaX NO, 18012460620 P, ] 7/24 843 ACKNOWLEDGMENT: (individual) STATE OF .. ~yoming COUNTY OF Lincoln The foreg~tn~ instrument was apkno ,wledgcd before me by thi~ 8..th day of September, 2003 Witnes~ In ~"~d]a.nd offilrial seal. ~ (Signature of Officer)' / .~otary Public (Title of Ollioer) Claytbn C. Thoman ~ ~ - NO'I'A,~' PUSUG My Commission Expires: February 2, .. 2006 ACKNOWLEDGMENT: (Individual) STATE OF Wy om ing COUNTY OF L±ncoln The foregoing instrument was acknowledged before me by till 8t_h dayof September, 2003' Wtlne , s (gignatur~-of Oflioer) [ Notary Public· (Title of Ofllccr) My Commission Expires: February 2, 2006 Abrianne M. Thoman 8HE*LLEY S,a, kOALL . NOTARY Pt~LIC .® EQ1501: