HomeMy WebLinkAbout893464Recording requested by:
Wells Fargo Bank N.^.
Wells Fargo Home Equity
526 Chapel Hills Drive
Colorado Springs, CO 80920
When recorded remm to:
Wells Fargo Bank N~A.
Wells Fargo Services Co.
Consumer Loan Servicing Center
P.O. Box 31557
Billings, MT 59107-9900
State of Wyoming
? BOOI~I~.4' _PR PACE
SI)ace Above this Lh)e For Recordh~g Date.
MORTGAGE 65496243331998
(With Furore Advance Clause)
DATE AND PARTIES. The date of this Deed of Trust CSecudty Instn~ment") is
12 September 2003 and the parties, their addresses and tax identificatiou numbers,
if required, are as follows:
MORTGAGOR:
KEVIN W JONES, AN UNMARRIED PERSON
~] If checked, refer to fl~e attached Addendum incorporated herein, /hr additional Mortgagors their
sigmtures and acknowledgments.
LENDER: Wells Fargo Bank N.A. 420 Montgomery Street
San Francisco, CA 94104
CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is
aclmowledged, and to secure the Secured Debt (defiued below) and Mortgagor's pertbrmauce under
tiffs Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender,
with power of sale, the following described property:
See attached Exhibit A
Together with all rights, easements, appurtenances, royalties, nfineral rights, oil and gas rights, all
water and riparian rights, ditches, and water stock arid all existing arid fi~mre improvements,
structures, fixtures, and replacements that may ~mw or at any time in the furore be part of the real
estate described above (all referred to as "Property").
MAXIM[JM OBLIGATION LIMIT. The total principal amount secured by fills Security htstrmnent
at any one time shall not exceed $150800.00 . This limitatiou of amount does not
include interest and other tees and charges validly made pursuant to this Security iustrument. Also,
this linfitation does not apply to advances made under the terms of this Security 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 pronfissory note, revolving line of credit, contract,
guaranty or other evidmme of debt dated 9/12/2003 together with all amendments, exteirsions,
modifications or renewals. The maturity date of the Secured Debt is 10/1/2013
B. All furore advances from Lender to Mortgagor under such evidence of debt. All future advances
are secured as ff nmde on the date of this Security hrstrument. Nothing in this Security
Agreement shall cmtstimte a commitment to make additional or lhtnre loans or adwmces which
exceed the amount shown in Section 3. Any such comrnitment nmst be agreed to in a separate
writing.
C. All sums advanced and expmtses incurred by Lender for insuring, preserving or otherwise
protecting the Property and its value and any oilier stuns advanced and expenses incm-red by
Lender under the terms of this Security hrstrmnent.
'PAYMENTS. Mortgagor agrees that all payn~ents under the Secured Debt will be paid when due and
in accordance with the terms of the Secured Debt and this Security Instrmnent.
PRIOR SECURITY INTERESTS. With regard to any oilier mm-tgage,' deed of trust, security
agreement or other lien docmnent that created a prior security interest or encmnhrance on the
Property, Mortgagor agrees:
A. To make all payments when due and to perform or comply with all covenants.
B. To prompily deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to allow any modification or extension of, nor to request any fi~rure advances muler any
note or agreement secured by the lien document Without Lender's prior written consent.
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 claims that
would impair the lien of the Security Instrunmnt. Mortgagor agrees to assign to Lender, as requested
by Lender, airy rights, claims or defenses Mortgagor nmy have against parties who ~supply labor or
nmterials to maintain or improve die Property.
DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assigmnent or
encmnbrance, whether ¥(llUlltlirv invr~hmmrv n,'
863
Mortgagor will notify Lender of all denumds, proceedings, claims, and actions against Mortgagor, and
of any loss or danmge 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 tixne of or belbre an inspection specifying a reasonable purpose Ibr 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 fids Security Instrument, Lender xnay, without notice, perform or cause them to be
perlbrmed. Mortgagor appoints Lender as attorney in fact' to sign Mortgagor's name or pay any
amount necessary fbr perlbrmance. Leuder's right to perform Ibr Mortgagor shall not create an
obligation to perfor~n, 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 maimer, Leuder may take all steps necessary to protect
Lender's security interest in the Property, including completion of the construction.
11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants', bargains, conveys,
mortgages and warrants to Lender as additional security all the right, title and to any and all existing
or future leases, subleases, and any other written or verbal agreements for the use and occupaucy of
any portion of the Property, including any extensions, renewals, modifications or substitutions of such
agree~nents (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents").
Mortgagor will pr6mptly provide Lender with true and correct copies of all existing and future Leases.
Mortgagor nmy collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under
the terms of this Security Instrument. Mortgagor agrees that this assigmnent is immediately effective
between the parties to this Security Instrument. Mortgagor agrees that this assigm_nent is effective as to
flfird parties when Lender takes affirmative action prescribed by law, and that this assignment will
remain in effect duriug 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 Reuts 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 tbr Lender and will not comnfingle the Rents with any
other funds. Any anmunts collected willbe applied as provided in fids Security Instrument. Mortgagor
warrants that no delhult exists under the Leases or auy applicable landlord/te~mnt law. Mortgagor also
agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to
comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is
a unit in a Condonfinimn Project or is part of a Planned Unit Development ("PUD"), Mortgagor
agrees to fl~e following:
864
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 lien of restoration or repair lbllowing 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 lbrm,
amount, and extent of coverage to Lender.
E. Condemnation. The proceeds of any award or claim for danmges, direct or consequential,
payable to Mortgagor in connection with any condelmmtion or other taking of all or any part of
file Property, whether of the unit or of rite connnoit elements, or Ibr 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 alter notice to Lender and with Lender's
prior written corksent, either partition or subdivide the Property or consent to: (i) the
abandonment or ternfination 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 iu
the case of a taking by condemnation or eininent dolnain; (ii) any atnendment to any provision
of file Constituent Documents if the provision is for the express benefit of Lender; (iii)
termination of professional n~anagement and assumption of self-managelnent 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 condonfinium or PUD dues and assessments when due,
then Lender may pay them. Any amounts disbursed by Lender under tiffs 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 guarantying the
Secured Debt. A good faith belief by Lender that Lender at arty tilne 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 de~hult.
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 ofl~er notices and uuiy establish time schedules
foreclosure actions. Subject to these linfitations, il' auy, Lender may accelerate rite Secured Debt and
Lender's right to require co~nplete 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 defa, ult if it
continues or happens again. .~
15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION CO~TS.
Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortk_~agor
breaches any covenaut in this Security Instrument. Mortgagor will also pay on demand any amount
incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property]and
Lender's security interest. These expenses will bear interest Ii'om the date of the payment until paitd in
full at the highest interest rate in effect as provided in the te~ms 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 amouut may include, but is not limited to,
attorneys' lees, court costs, aud other legal expenses. This amount does uot 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. ENVH1ONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1)
Enviromnental Law means, without linfitation, the Con~prehensive Enviromnental Response,
Co~npensation and Liability Act (CERCLA, 42 IA.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, enviro~m~ent or a hazardous substance; and (2)
Hazardous Substance means any toxic, radioactive or hazardous nnaterial, waste, pollutant or
contami'nant which has characterisiics which feuder the substance dangerous or potentially dangerous
to the public healflx, safety, welfare or enviroument. The tem~ 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 Leuder, no Hazardons Substance
is or will be located, stored or released on or in the Property. This restriction does not apply to
stna!l quantities of Hazardous Substances that are generally recog~fized to be appropriate for the
nmmal 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 Enviro~unental
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 Enviro~unental
Law concenfing the Property. In such an event, Mortgagor shall take all necessary remedial
action in accordmme with any Enviro~m~ental 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 Substauce or the violation of any Enviromnental
Law.
17. CONDEMNATION. 'Mnrtoaanr will t~ive 1r enrle, r nramnt natic,., af ......... A; ...... *1 .... ~- .....l ..... : ....
1.8. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other
hazards and risks reasonably associated with the P~:operty 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
um'easonably wiflfl~eld. 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 Instrument. All insurance policies and renewals shall be acceptable to Lender and shall
inm~ediately notify Lender of cancellation or temfinatiou of the insurauce. Lender shall have the right
to hold the policies and renewals. If Lender requires, Mortgagor shall innnediately give to Lender all
receipts of paid prenfiums and renewal notices. Upon loss, Mortgagor shall give bmnediate notice to
the insurance carder and Lender. Lender may make proof of loss if not xnade iuunediately 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 the 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 Ore
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 ~nay deem reasonably necessary.
Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender nray
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 mdy 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 fids 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 party indebted under the obligation. These
fights may include, but are not linfited to, any anti-deficiency or one-action laws. Mortgagor agrees
that Lender aud any party to this Security Instrument may extend, modify or ~nake any change in fl~e
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; SEVERAB[LITY; INTERPRETATION. This Security Instrument is
governed by the laws of the jurisdiction in which the Property is located, except to the extent
otherwise required by the laws of the jurisdiction where the Property is located. This Security
[nstFnnlent is c01nDlete and fullv integrated. Thi~ .~ecm'itv ln~trmnent nmv hr. ho ~m~nH,~rl m- ,~,~,41fi,~d
Security Instrument directly conflicts' with any section of the revol¥ing line of credit agreement or
promissory note referenced in Section 4, fl~e terms and conditions of the revolving line of credit
agreement or pronfissory note (as applicable), the arbitration agreement and the agreement to provide
agreement or pronfissory note (as applicable), the arbitration agreement and the agreement to provide
flood/property insurance, all Of Milch I agree to by signing tiffs Security Instrument, the terms and
conditions of said documents and not the Security Instrument shall control.
23. NOTICE. U~fless otherwise required by law, any notice shall be given by delivering it or by nmiling
it by first class nmil to the appropriate party's address on page 1 of this Security Iustrument, 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 and right regarding the
nmrshalling of liens and assets, and hereby releasiug and waiving all rights under and by virtue of the
homestead exemption laws of this state.
25. OTItER TERMS. If checked, the following are applicable to this Security Iustmment:
~-] Line Of Credit. The Secured Debt includes a revolving line of credit provision. Although
the Secured Debt nmy be reduced to a zero balance, fids Security hzstrument will renmin iii
effect until released.
~] Construction Loan. This Security llxstmment secures an obligation incurred tbr the
construction of an improvement on the Property.
~] Fixture Filiug. 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 related 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 Connnercial
Code.
[~ Additional Terms.
Home Asset Management Account Rider
SIGNATURES: By sighting below, Mortgagor agrees to the terms and covenants contained in this Security
[n]mmentand in any attaclnnents. 1Mortgagor also receipt of copy of this Security
nent 0n~ t~ d~e st..ate~d on page . acknowledges a
Mo.gagor K~ ~E~ " Dale Mo.gagor Date
Mortgagor Date Mortgagor Date
.868
ACKNOWLEDGMENT:
(Individual)
STATE OF WY
COUNTY OF Li nco1 n
The foregoing instrmnent was acka~oWledged before me by
KEVIN W JONES
this 15th day of September, 2003
Witne~il sell'
(Signature of Officer) [ ~
Notary Publ±c
(Title of Officer)
SHELLEY ~. NOTAllY PUBLK;
(Seal)
My ConnnissionExpires: February 2 ~ 2006
Legal Description
Lot 4 of Block 4 of the Lincoln Heights 4th Subdivision to the
City of Kemmerer, Wyoming as described on the official plat
thereof.
870
HOME ASSET MANAGEMENT ACCOUNT {SM} RIDER TO MORTGAGE/DEED OF TRUST
(Open end credit with [~fixed rate I-X-] variable rate interest)
This Home Asset Management Account {SM} Rider is dated 9/12/2003 and is mi mnendment
to the Mortgage or Deed of Trust ("Mortgage") of the stone date given by the undersigned,
KEVIN W JONES
(hereinafter "Mortgagor") to secure the borrower'S EquityLine with FlexAbflitysa~ Agreemem with Wells
Fargo Bmtk, N.A. ("Lender") of the stone date covering the property more particularly described in the
Mortgage (the "Property").
In addition to the covenants and agreements made in the Mortgage, Mortgagor and Lender further covenant
and agree as follows:
1. The word "Note", as used in the Mortgage and this Rider, refers to the EquityLine with FlexAbility s~,~
Agreement and Home Asset Manage~nent Account s~ Addendum to EquityLine with FlexAbility s~
2. Despite any language to the contrary in the Mortgage, Mortgagor covenants that the Property is
unencumbered, except for a first lien purchase money or refinance of purchase money encumbrm~ce in the
name of Wells Fargo Home Mortgage, Inc.., its aWdiates, successors or assignees.
31 Paragraph number 4
of the Mortgage, Milch is captioned SECURED DEBT AND FUTURE ADVANCES
is hereby deleted in its entirety and replaced by the following
paragraph: SECURED DEBT AND FUTURE ADVANCES. The tem~ "Secured Debt" is defined
as follows:
A. Debt incurred under the terms of the promissory note, revolving line of credit agreement, contract,
guaranty or other evidence of debt of same date together with all mnenchnents, extensions,
modifications or renewals. The maturity date of the secured Debt is 10/1/2013
B. All future advances frmn Lender to the borrower under such evidence of debt, whether obligatory
871
C. All sums advanced and expenses incurred by Lender for insuring, preserving, or ofl~erwise protecting
tim Property and its value and any other sums advanced and expenses incurred by Lender under the
terms of tlfis Security Instrument.
D. The temls and conditions of the Note referenced in A above include, but are not limited to, a 10
year period for advances under a revolving line of credit.
Except if this Note is secured by property located in file state of
Tmmessee, the parties have agreed that subject to certain qualifying
conditions the Lender may extend the period for advances for another 10
years for a total of 20 Years. Notlfing in this Security Instrument shall
constitute a commitment to extend the period for advances beyond the
initial 10 year period.
E. Borrower(s) and the Lender have agreed that subject to the satisfaction of certain qualifying
conditions, the Credit Line Limit in the Note may be increased quarterly and/or mmually. One of those
conditions, inter alia, is the borrower's maintenance of a first mortgage loan on the Property with Wells
Fargo Home Mortgage, Inc., or one of its affiliates. (the "WFHM Loan"). All such increases, if any,
shall increase the amount of the Maximum Obligation Limit disclosed in Paragraph 4 (if the Mortgage
is in Virginia the "total principal indebtness "in the 3rd recital) and the current Credit Line Linfit
described in Section 3 hereinabove in the same anmunt(s).
4. The Note provides for a montlfly variable rate of interest expressed as a daily periodic rate equal to 1/365 of
an anmml rate of 2.625 plus the "Index Rate". The Daily Periodic Rate of FINANCE CHARGE
may increase if the highest prime rate published in the Wall Street Journal Western Edition "Money Rates"
table (the "Index Rate") increases. The initial Daily Periodic Rate of FINANCE CHARGE is 0.01815068
which corresponds to an initial ANNUAL PERCENTAGE RATE of 6.625 The ANNUAL
PERCENTAGE RATE will never be more than 18.00%. )my increase in Daily Periodic Rate may increase
the nrininmm monthly payments.
5.The Paragraph which is captioned in the Mortgage, ESCROW FOR TAXES AND INSURANCE (which
may be found as ]~aragraph 19, 20, 21, 23, 24, depending on tim docmnent) is hereby deleted in its entirety.
I4~'~fflN W J~)I~,J - ~ ' ! Date Date
Date Date