HomeMy WebLinkAbout893814Recording requested by:
Wells Fargo Bank, N.A.
Whenrecordedreturnto:
~Wells~Fa~go Bank, N.A.
P . 0. BOX 31557
BILLINGS, MT 5910-7
DOCUMENT MANAGEMENT
89381t
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RECEIVED
:LINCOLN COUNT,V CLERR
03
,JFgNN~ ~,v::c~ cD
State of Wyoming Space Above Tiffs Line For Recording Data-
REFERENCE #: 2003191-7200402 ACCOUNT #: 0E54-~54-94235~ 1 - 1098
MORTGAGE
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage ("Secnrity Instrument") is 07 / 31 t 2003
and the parties, their addresses and tax identification numbers, ff required, are as follows:
MORTGAGOR: DAN I EL A V I SHON, /~ S INGLE MAN
[] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and
acknowledgments.
LENDER: Wells Fargo Bank, N.A.
P 0 BOX 31557
BILLINGS, MT 5910'7
CONVEYANCE, For good and valnable cousideration, the receipt and sufficieuc3, 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.:
SEE EXHIBIT 'A'
The property is located in L I NCOLN at:
190 LINCOLN LANE THAYNE, wy(C°u~tY~127
and parcel number of 34181 g 10009800 together with all rights, easements, appurtenances,
royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock ,and all existing and fitture
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 time shall not
exceed $ 20,000.00 . This liufitation 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 Security
Instrument to protect Lender's secnrity and to perform any of the covenants contained in tiffs Security Instrument.
SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
A. Debt incnrred under the terms of the protnissory note, revolving line of credit, contract, guaranty or other evidence of
debt dated 0-7 / 31 / 2003 together with all amendments, extensions, modifications and renewals, and having a
maturity date of 07 / 31 / 2043
:B. All filture advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if nmde
on the date of this Security Instrument. Nothing in tiffs Security Agreement shall constitute a commitment to make
additional or ~lure loaus or advances which exceed tbe amonnt shown in Section 3. Any such commitment must be
agreed to in a separate writing.
C All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property
and its value and any other sums advanced and expeuses incnn~ed by Lender under the tenns 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 Instnunent.
6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: .~ A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to allow any modification or extension of, nor to request 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, assessments, liens, eucumbrances, lease payments, ground rents,
utilities, and other charges relating to the Property when dne. Leuder may require Mortgagor to provide to Lender copies of all
notices that such amounts are due and the receipts evidencing Mortgager's pay~nent. Mortgagor will defend title to the Property
against any claims that would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by
Lender, any rights, claims or defenses Mortgagor 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 encmnbrance, whether volm,ary,
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 circumstances where exercise of such a right by Lender is prohibited by law.
9~ PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor wili 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
occupanc.~ and use will not substantially change without Lender's prior written consent Mortgagor will uot permit any change
in any license, restrictive covenant or easement without LendeFs prior written cousent. Mortgagor will notify Lender of all
deinands, proceedings, claims; and actions against Mortgagor, and of any loss or damage to the Property. Lender cr
Lender's agents may, at Lender's option, enter the Property at any reasonable time fbr the purpose of respecting the Property.
Lender shall give Mortgagor notice at the time of or belbre an inspection specifying a reasonable purpose for the inspection.
Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security
Instrument, Lender may, without notice perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact
to sign Mortgager'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 gonstruction on the Property is discontinued or not carried ou iu a
· reasonable manner, Lender may take all steps necessmy to protect Lender's security inierest in the Property, including
completion of the construction.
11[. ASSIGNMENT OF LEASES _~d~D RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title and to arty and all existing or future leases, subleases, and any other written or
:verbal agreements for the use and occupancy of auy portion of·the Property, including any extensions, reuewals, ~nodifications 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 xvith 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 Iustrument.
Mortgagor agrees that this assignment ~s immediately effective between the parties to this Security Instrument. Mortgagor agrees
that lids assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this
assigmnent will remain in effect during any redemption period until the Secured Debt is satisfied Mortgagor agrees that Lender
ma)' take actual 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 defimlt and demands that any tenant pay all future Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in
Mortgager's possession and will receive any Rents in trust ibr Lender and Will not commingle the Reuts with any other funds.
Any amounts collected will be' applied as provided iu this Security 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 the ·Leases and applicable laxv.
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 Condominium Project or is part
of a Planned 'Unit Development ("PUD"), Mortgagor agrees to the Ibllowing:
EQI50B
A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The
"Constituent Documents" are thel (i) Declaration or any other document which creates the Condominium Projects or PUD and
any hmneowners 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 "blaaket" policy on tine Condominiu~n Project or PUD wlfich 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 th~
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 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 ~naintains 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 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 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 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 ff
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 pa3rable, with interest, upon notice from Lender to Mortgagor requesting
payment.
13. DEFAULT. Mortgagor will. be in default if any Party obligated on tine 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
tine 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 tile 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 right to require complete cure of any existing
default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event
a 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 ff Mortgagor breaches any covenant 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 from the date of the payment until paid in full at
the highest interest rate in effect as provided in tile 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
...... 57:::'3;i ·
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 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) Environmeutal Law means,
without linfitation, 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 compliance 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 Enviromnental Law concerning the Property. In such an event,
Mortgagor shall take all necessary remedial action in accordance with any Environmental Law.
D. Mortgagor shall immediately notify Lender in writing as soon as MOrtgagOr has reason to believe there is any pending
or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
Substance or the violation of any Environmental Law.
17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or .threatened action, by private or public
entities to purchase or take any or all of the Property through condemnation, eminent domain, 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 tiffs 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 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 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. ff the
Property is acquired by Lender, Mortgag~or's right to an), insurance policies and proceeds resulting from damage to the Property
before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition.
19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and insurance in escrow.
20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any
financial statement or information Lender may deem reasonably 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 waive any rights that may prevent Lender from bringing any action or claim 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
EQISOD (06~
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:
Mortgagor from the terms of this Security Instrmnent. 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. Tiffs Security Instrument is governed by the laws of the
jUrisdiction in which tlie Property is located, except to the extent otherwise required by fl~e laws of the jurisdiction where fl~e
Property is located. This Security Instrmnent is complete aud fully integrated. Tiffs Security Instrument may not be amended of
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 tiffs Security Instrument cannot be enforced according to its terms, that section will be severed and
will uot affect the enforceability of the remainder, 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 tlfis Security Instrument are for convenience
oldy and are not to be used to interpret or define the terlns of lhis Security Instrumeut. Time is of the essence in this Security
Instrument. In the event any section of this Security Instmmeut directly conflicts with any section of a certain Home Equity
Closing Handbook wtdch contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and
Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of wlfich I
agree to by signing this Security Iustrument, the terms 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 I 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 nmrshalling of liens and assets,
and hereby releasing and waiving ~1 rights under and by virtue of the holnestead exemption laws of this state.
25. OTHER TERMS. If checked, the following are applicable to tiffs Security Instrument:
I-X-] 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 remain in effect until released.
Construction Loan. This Security Instrument secures an obligation incurred for the constrUction' of an improvement
on the Property.
~TZ] 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 terms of this Security Instrument.
~ Third Party Rider
[N~ Leasehold Rider
~ Other
SIGNATURES: By signing beloW, Mortgagor agrees to the terms and covenants contained in tlfis Security Instrument and in any
at~p)~nts. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1.
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Date
Mortgagor Date
EQISOE (06(.
A CI(2~O WLED GMENT:
(IndMdual)
ST^VaOV ~J~om ~
COUNTY OF /--t'l~ ca/
The foregoing instrmnent was actmowledged before me by
this ,~ ] ~'/' da), of
Witness my hm~d and o~cial seal,
(' i1 ~fOfficer)] ~ON EXPIRES MAY 25, 2006
My ConunissionExpires: ~'~c~ S- ~o'~&gd9~
(Seal)
EQ150F (06/2002)
LEGAL DESCRIPTION:
A
LL OF TI-I:E S 1/2 NE 1/4 SW 1/4 NE 1/4 OF SECTION 19, T34N, R118W OF THE 6TH P.M., LINCOLN
COUNTY, WYOMING BEING MORE SPECIFICALLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE CENTERLINE OF LINCOLN LANE, SAID POINT BEING 660.35 FEET, N 89
DEGREES 36 MINUTES 02 SECONDS E AND 669.36 FEET, N 0 DEGREES 33 MINUTES 31 SECONDS E, FROM
THE CENTER 1/4 CORNER OF SAID SECTION 19 BEING THE SOUTHWEST CORNER OF THE GARY ARNOLD
TRACT AS DESCRIBED IN BOOK 141 PR.ON PAGE 39.9;
THENCE N 0 DEGREES 33 MINUTES 32 SECONDS E, ALONG SAID CENTERLINE, 334.68 FEET;
THENCE N 89 DEGREES 43 MINUTES 33 SECONDS E, 660.26 FEET TO THE EAST LINE OF THE SW 1/4 NE 1/4'
OF SAID SECTION 19;
THENCE S 0 DEGREES 33 MINUTES ! 8 SECONDS W, ALONG LAST SAID EAST LINE, 334.20 FEET;
THENCE S 89 DEGREES 41 MINUTES 02 SECONDS W, 660.29 FEET TO THE POINT OF BEGINNING.
SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS,'OIL, GAS OR MINERAL RIGHTS
OF RECORD, IF ANY.
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