Loading...
HomeMy WebLinkAbout894364Recording requested by: Wells FaIoo Bank, N.A Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MI 5§107 DOCUMENT MANAGEMENI 894364 RECEIVED LINCOLN COUNTy CLERK 03 OCT 13 ~t'l 9:05 320 '--:'-, -,:-- .... State of Wyonfing . · 'Space Above This Lh~e For Recordhtg Data REFERENCE #: 20032347000463 ACCOUNT #: 0654-654-9589058- 1998 MORTGAGE cCrt~ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 0§/10/2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: LORELL L. WOOLLEY AND SHARON C. WOOLLEY, HUSBAND AND WIFE [] Ifcliecked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures ,'md acknowledgments. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, aud to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Iustrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT 'A' The properly is located in L I NCOLN at: 640 HEIv~4ERT DRIVE THAYNE, '~'0~tY~3127 and parcel number of 12-3419-14-4-01-005.00 together with all rights, easements, appurtenances, royalties, nfineral rights, oil and gas rights, all water and ripariau rights, ditches, and water stock and all existing and fi~mre improvements, structures, fixtures, aim replacements that may now or at any time in the future be part of the real estate described above (all refe~ed to as "Property"). ~UM OBLIGATION L~IT. The total principal amount secured by this SecuriW Instrument at any one tffne shall not exceed $ 35,000.00 . This li~talion of amount does not include interest and other fees and charges validly nmde pursuant to this SecuriW Instrument. Mso, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform auy of the covenants contained in this Security Instrument. SECU~D DEBT AND FUTU~ ~V~CES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the pro~sso~ note, revolving line of credit, contract, guaranW or other evidence of debt dated 09 / 10 / 2003 together with all alnendments, extensions, modifications and renewals, and having a mamd~ date of 09 / 10 / 2043 B. All fi~ture advances frown Lender to Mortgagor under such evidence of debt. All fi~ture advances are secured as ff nmde on the date of this Security Instrument. Nothing iu this SecuriW Agreement shall constitute a conmfitment to make 321 additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the ProPerty and its value and 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 thc Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prioi 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, 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 tile 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 encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, tl~en 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 ill such particular circumstances where exercise of such a right by Lender is prohibited by .laxv: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Properly 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 xveeds and grasses. Mortgagor agrees that the nature of tile occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor ;vill notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to thg_Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting tile Property. Lender shall give Mortgagor notice at the time of or before 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 dudr or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause tl~em to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's nan~e 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 ou in a reasonable mariner, 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 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 occupancy, 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 future Leases. Mortgagor may collect, receive, enjoy and use fl~e Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative, action prescribed by law, and that this assignment will remain in effect during an5' redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender ma3' 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 or: 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 in Mortgagor's possession and will receive any Rents in trust for Lender and ;x411 not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instmlnent. Mortgagor warrants that no default exists under the Leases or any applicable landlorddtenant 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 Condominium Project or is part of a Planned 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 file Condominium Projects or PUD and any homeowners association or equivalent entity COwners 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 Docuinents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condo~ninium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the mnounts, for the periods, and against the hazards Lender requires, including fire and hazards included within tile term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is dee~ned satisfied to the extent that the required coverage is provided by the OwneFs 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 tile Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for dmnages, 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 stuns 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 abandonment or termination of the Condoininiuin Pr~ect 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 Docmnents if the provision is for the express benefit of Lender; (iii) ternfination 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 Instrmnent. Unless Mortgagor and Lender agree to other terms ofpay~nent, 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 any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payinent or the value of the Property is impaired shall also conshtute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security instrument and any related documents, including without limitation, t!le 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 if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting,'preserving or othera,ise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the pay~nent Until paid in full at the highest interest rate in effect as provided in the terms of tbe 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 amount ma), include~ but is not limited to, attorneys' fees~ conrt costs~ and other legal e×penses. This amount does not include attorneys' fees for a salaried employee of rile 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 limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 960 t 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 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 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 iu 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 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 im~nediately 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 conde~nnatiou, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of tile 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 thc Property. Such proceeds shall be considered pay~nents m~d will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with tile 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 m 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 inunediately notify Lender of cancell~tion 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 inunediate notice to the insurance carrier and Lender. Lender may make proof of 10ss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from danmge 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 an), additional docmnents 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 tile 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 Mortgagor from the terms of tiffs Security Instrument. The duties and benefits of tiffs Security Instrmnenl shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERAB1LITY; 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 f~lly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attacfiments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrmnent cannot be enforced according to its terms, that section will be severed and will not affect the e~fforceability 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 this Security Instrmnent are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. In the event any section of this Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook wlffch contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrument, the 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 1 of tltis Security Instrmnent, or as shown in Lender's records, or to auy other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to tiffs Security Instrument: Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt ~nay be reduced to a zero balance, this Security Instrun~ent will remain in effect until released. Construction Loan. This Security Instrmuent 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 become fixtures relates to the Property. This Security Instrmnent 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 Cominercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to tltis 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. [IW~] Third Party Rider ~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenauts coutained in this Security Instrmnent and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrmnent on the date stated on page 1. LORt.~,~"C-L WOOLL/Y~' SHAI~N C WOOLLEY - Mortgagor Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQISOE Mortgagor Date 325 ACKNOWLEDGMENT: (Individual) ST^ O, kO'CO COUNTY OF LI I%COIq The foregoing instrument was ackmowledged before me by this ~ 'L . day of Witness my hand and official seal. ( ~i~7~re, fOfficer) My Conmfission Expires: ~o~e_At L. 03oo/1~ , 7~003 (Seal) ACKNOWLEDGMENT: (Individual) STATE OF ~]~O~l,~ COUNTY OF ~t~r)la The foregoing insmtment was acknowledeed before me by this II day of Wimess ~ny hand and official seal. (Sig~7 of Officer) (Title of Ofticer) My Commission Expires: (Seal) 326 Exhibit "A" Loan #: 20032347000463 THE FOLLOWING DESCRIBED REAL PROPERTY LOCATED IN THE COUNTY OF LINCOLN, STATE OF WYOMING, DESCRIBED AS FOLLOWS: A TRACT OF LAND LOCATED IN THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER (SW 1/4 SE 1/4) OF SECTION 14, TOWNSHIP 34 NORTH, P3%NGE 119 WEST AND WITHIN THE INCORPORATED LIMITS OF THE TOWN OF THAYNE, WYOMING, AND MORE PARTICULARLY DESCRIBED AS FOLLOWS: FROM THE SOUTH QUARTER-SECTION CORNER OF SAID SECTION 14; THENCE S 89 DEGREES 41 MINUTES 01 SECONDS E, ALONG SECTION LINE, 25.30 FEET; THENCE N 1 DEGREE 20.5 MINUTES E, ALONG THE EAST BOUNDARY OF EXISTING ROADWAY, 428.00 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT, AND RUNNING THENCE N 1 DEGREE 20.5 MINUTES E, ALONG ROAD BOUNDARY, 100.00 FEET;. THENCE S 88 DEGREES 39.5 MINUTES E 150.00 FEET; THENCE S 1 DEGREE 20.5 MINUTES W 100.00 FEET; THENCE N 88 DEGREES 39.5 MINUTES W, COINCIDENT WITH THE BOUNDARY OF A PREVIOUSLY ESTABLISHED TRACT, 150.00 FEET TO THE POINT OF BEGINNING, ENCLOSING AN AREA OF 0.344 ACRES, MORE OR LESS, MONUMENTED AT THE TWO SOUTH CORNERS THEREOF BY STEEL T-SHAPED STAKES WITH CAP INSCRIBED RLS 164' AND AT THE TWO NORTH CORNERS THEREOF BY STEEL ROD STAKES WITH CAP INSCRIBED 'PE/LS '3514'