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HomeMy WebLinkAbout893624Recording requested by: Wells Fargo Sank N.A. Wells Fargo Home Equity 526 Chapel Hills Drive Colorado Springs, CO 80920 When recorded returu to: Wells Fargo Bank N.A. Wells Fargo Services Co. Consumer Loan Servicing Center P.O. Box 31557 Billings, MT 59107-9900 State of Wyomblg 89362t Space Above lids Lh~e For Recording Date MORTGAGE 65497538851998 (With Future Advance Clause) DATE AND PARTIES. The date of fids Deed of Trust ("Security Instrument") is 22 September 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: PHILLIP M. THATCHER, AND WIFE AND SHELBY M. THATCHER, HUSBAND If checked, refer to the attached Addendum incorporated herein, for additional Mortgagqrs their signatures and acknowledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco, CA 94104 CONVEYANCE. For good aud 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 warranls to Lender, with power of sale, the following described property: See attached Exhibit A The property is located in Li ncol n at 1132 4TH WEST AVENUE (County) (Address) KEMMERER , Wymning 83101 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE p~ga ~ o* a LEWY1 {o21o! VMP MOFtTI3AI3E FORMS- {8OO}521-72~1 20032481005140 Togefl~er with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water aud riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that ~nay now or at any time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one tinie shall not exceed $17. 000.00 . This limitation of amount does not include interest and other fees and charges validly umde pursuant to tiffs Security Instrument. Also, this limitation 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. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of' the promissory note, revolviug line of credit, contract, guaranty or other evidence of debt dated 9/22/2003 together with all amendments, extensions, modifications or renewals. The maturity date of the Secured Debt is 10/1/2013 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of tiffs Security Instrument. Nothing in this Security Agreement shall constitute a commitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such cmm~fitment nmst be agreed to in a separate writing. C. All sums advanced aud expenses incurred by Lender for insuring, preserving or otherwise protecting fl~e Property and its value aud any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien docmnent that created a prior security interest or encumbrance on the ProPerty, Mortgagor agrees: A. To make all payments when due and to perfunn or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any nmdification or extension of, nor to request any 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, assess~nents, liens, encmnbrances, lease payments, gruund rents, utilities, anti 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 would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or ~naterials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, 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 Inay, by written notice to Mortgagor, declare all obligations secured hereby inunediately 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 make 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.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 pernfit any change in any license, restrictive covenant or easement without Lender's prior written consent. WYOMING - MASTER FORM MORTGAGE LEWY2 1021o) Page 2 of 8 20032481005140 542 Mortgagor will notify Lender of all demands, proceedings, claims, and actions againcst 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 file time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely lb: 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 ~mme 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 reasmkable maturer, Lender may take all steps necessary to protect Lender's security interest in fl~e Property, including cmnpletion of the construction. 11. ASSIGNM~ENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title aud to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensiork~, renewals, modifications or substitutiork~ 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 future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is iunnediately effective between the parties to this Security Instrunmnt. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirmative action prescribed by law, and flint fids assiglnnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of file 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 denmnds that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants fl~at 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 ter~ns of file Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security htstrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Plammd Unit Development ("PUD"), Mortgagor agrees to the following: 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 Condonfinium 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 Condonfinium Project or PUD which is satisfactory to Lender and ~vhich provides i~kqurance 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 nmintain hazard insurance coverage on fl~e Property is deemed satisfied to the extent that the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 {o2m) Page 3 of 8 20032481005140 543 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 uait or to connnon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender fbr application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to nmintain 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 imsurance 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 cmmection with any conde~m~ation or other taking of all or any part of the Property; whether of the milt or of the connnon elements, or tbr 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 consent, either partition or subdivide the Property or consent to: (i) the abandomnent or temfination of the Condomi~fium Project or PUD, except for abaudonment 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 eufinent 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 assmnption of selt:nmnagement by the Owners Association; or (iv) any action which would have fl~e effect of rendering the public liability insurance coverage nmintained by the Owners Association unacceptable to Lender. C. Remedies. If Mortgagor does not pay c0ndonfinium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall becmne additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Leuder agree to other terms of paymeltt, these amounts shall bear interest from file date of disbursement at the Secured Debt rate and shall be payable, with interest, upon' notice /Yom Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt tails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrmnent or any other docmnent 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 eveut 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 nmy establish time schedules tbr foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrmnent in a maturer provided by law if Mortgagor is in default. At the option of Lender, all or any part of file agreed tees aud charges, accrued interest and principal shall become inm~ediately 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, cunmlative and not exclusive, and the Lender is entitled to all re~nedies 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 or wYOMING- MASTER FORM MORTGAGE LEWY4 1o2'~o} Pag.,* o,,, 20032481005140 544 Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Le~ffier's fight to later consider the event a default if it conti~mes 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 cove~mnt in this Security Instrument. Mortgagor will also pay on demand any mnount incurred by Lender for insuring, inspecting; preserving or otherwise 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, enforcing or protecting Lenders' rights and remedies under tlfis Security Instrument. This amount may include, but is not linfited to, attorneys' fees, court costs, and other legal expenses. Tiffs 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 SUBSTANCES. As used in this section, (1) Enviromnental Law means, without linfitation, the Comprehensive Enviromnental Respmkse, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulatimks, ordinances, court orders, attorney general opi~fions or interpretive letters concerning Ore pUblic health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous ~naterial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to fire public health, safety, welfare or enviro~m~eut. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste," or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in file Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the nonual 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 inunediately 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 itmnediately notify Lender iu 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 private or public entities to purchase or take any or all of fl~e Property through conde~mmtion, enfinent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for dantages cmmected with a condenumtion 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 assigmnent of proceeds is subject to the temps of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 P~eSo~8 20032481005140 545 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks ~'easonably associated with the Property due to its type and location. This insurauce shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing file insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to nmintain the coverage described above, Lender uny, 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 innnediately 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 inunediately 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 the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any iusurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt inunediately before the acquisition. i9. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided iu.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 intbrmation Lender may deem reasonably necessary. ' Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender nmy consider necessary to perfect, continue, and preserve Mortgagor's obligations under fids 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 waive any rights that may prevent Lender fi.om bringing any action or claim against Mortgagor or auy party indebted under the obligation. These rights nmy include, but are not linfited to, any anti-deficieucy or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrmnent may extend, modify or make auy change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change Will not release Mortgagor fi.om the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the 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 Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this 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 Instrument cammt be enforced according to its terms, that section will be severed and will not affect the enforceability of the renminder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of tiffs Security Instrument are for convmfience o~fly 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 WYOMING- MASTER FORM MORTGAGE LEWY6 102101 Page ~ o,. 20032481005140 546 23. 24. 25~ Security Instrument directly cmfflicts with any section of rite revolving line of credit agree~nent or promissory note referenced in Section 4, the terms and conditions of the revolving line of credit agreement or promissory note (as applicable), the arbitration agreement and the agreement to provide agreement or promissory note (as applicable), the arbitration agreement and the agreement to provide flood/property insuralme, all of which I agree to by sighting this Security Instrument, the terms and conditions of said documents and not the Security hkgtrutnent shall control. NOTICE. Unless ofl~erwise 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 I of this Security hkstrument, 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 and right regarding the marshalling of limkg and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. OTHER TERMS. If checked, the following are applicable to Otis Security Instrument: ~ Line of Credit.' The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will renmin in effect until released. ~-~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will becmne fixtures related to the Property. This Security Ingtrument suffices as a fimancing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Conmmrcial Code. F-'] Additional Terms. SIGNATURES: By sighting below, Mortgagor agrees to the terms and covenants contained in this Security Instrument aud in any attachments. Mm'tgagor also acknowledges receipt of a copy of this Security M~rtg,~or~bHIL[IP M. THATCHER Date ,/Mortga~o-r~H~LBY M. THATCHER [' '[Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date WYOMING - MASTER FORM MORTGAGE LEWY7 Pege 7 of 8 20032481005140 547 ACKNOWLEDGMENT: (Individual) STATE OF ~Y COUNTY OF Li ncol n The foregoing instrument was acknowledged before me by PHILLIP M. THATCHER. SHELBY M. THATCHER- tiffs .... day of ~ a Witness my hand and official seal. (Sig---nature of Officer) (Title of Officer){ My Commission Expires: $,Wk:IIEf,%~,,~DAtl. - NOI'P,,qY~tlBU~ WYOMING - MASTER FORM MORTGAGE LEWY8 ~o210) Page 8 of 8 20032481005140 EXHIBIT A Lot 7 of Block 3 of the Lincoln Heights 3rd Subdivision to the Town of Kenunerer, Lincoln County, Wyoming as described on the official plat thereof. LESS AND EXCEPT the land contained in Warranty Deed recorded September 7, 1984 in Book 218PR on page 269 of Lincoln County public records.