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HomeMy WebLinkAbout894551Recording requested by: Wells Fargo Bank, N.A. RECEIVED ' ? LINCOLN COUNTY CLERK When recorded return to: Wells Fargo Bank, N.A. 89h, 55 I o3oc'r2o s:23 P. O. BOX 3155.7 BILLINGS, MT 5o o.7 JEANNE : State of %Vyonth~g- - - Spac~ Above This Lh~e For Recardh~g Data REFERENCE #: 20032547200494 ACCOUNT #: 0654-054-0485461 - 1098 MORTGAGE ~ rv~o (With Future Advance Clause) 1.. 'DATE AND P~T~S. The date of this Mo~gage ("Securi~ Ins~ment") is O012312003 and the parties, their addresses and tax identffication numbers, if required, are as follows: MORTGAGOR: MORRIS E. PIKE~:'AND GRACE E. PIKE, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES o [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo' Bank, N.A. P, O, BOX 31657 BILLINGS, MI 5910'7 CONVEYANCE. For good and 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 warrants to Lender, with power of sale, the tbllowing described property: LOT 93 oF NORDIC RANCHES DIVISION NO. 7, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED MAY 8, 1996, NSTRUMENT NO 819461, PLAT NO 311E. The property is locmed in L I NCOLN at: 201 BRIDLE TRAIL IFTNA, WY (~°5~t¥~ and parcel number of 361028200 ~ .7.700 togetlier 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 future 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 "Properly"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 25,000.00 . This limitation of amount does not include interest and other fees aud charges validly nmde pursuant to this Security Instrument. Als0, this linfitation does not apply to advances made under the terms of tiffs 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 evidence of ~debt dated 00 / 2312003 together with all amendments, extensions, modifications and renewals, and having a maturity date of 0912312043 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made bn the date of this Security instrument. Nothing in this Security Agreement shall constitute a commitment to make additional or furore loans or advances which exceed the amount shown in Section 3. Any such conmfitment nmst be agreed to in a separate writing. C. All sums advanced and _expenses incurred by Lender for insuring, prese~fng, or othe~ise protecting the ProperW and its valne and any other sunls advanced and expenses incurred by Lender under the terms of t~s Securi~ Instrument. 5. PAYMENTS. Moflga.gor agrees that all payments under the Secured Debt will be Paid when due and in accordance with the terms of the Secured Debt and tiffs Securi~ Instrument. 6. PRIOR SECU~TY ~TERESTS. With regard to any other moflgage, deed of trust, securi~' agreement or otlmr lien document that created a prior secufi~~ interest or e~mumbrance on the Prope~,, Moflgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To prmnptly deliver to Lender any notices that Moflgagor receives from tim holder. C. Not to allow any mod~cation or extension o[ nor to request any fim~re advances under any note or agreement secured by the lien doCUment without Lender's prior written consent. 7. CLA~S AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the proper~ when due. Lender may require Moflgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Moflgagor's payment. Moflgagor will defend title to the Prope~ against any claims that would impair the lien of the Securi~ Instrument Moflgagor agrees to assign to Lender, as reqnested by Lender, any rights, claims or defeuses Mo~lgagor may have against partes who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENcuMB~NcE. Upon sale, transfer, hypothecation, assigmnent or encumbrance, whether volunta~, involuntmy, or by operation of law, of all or any pa~ of the Prope~ or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, &clam all obligations secured hereby i~mediately due and payable, except to the extent that such acceleration for and in such particular circumstances wlmre exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Moflgagor will keep the Prope~, in good condition and make all repairs that are reasonably necessmy. Mo~lgagor shall not commit or allow any waste, impairment, or deterioration of 'the ProperS. Mortgagor will keep the Property free of no~ous weeds and grasses. Moflgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mo~gagor will not pemfit any change in at~ license, restrictive covenant or easement Without Lender's prior written consent. Moflgagor will notify Lender of all demands, proceedings, claims, and actions against Mo~gagor, and of any loss or damage to the Prope~. Lender or Lender's agents may, at Lender's option, enter the Properly at any reasonable time for the pu~ose of inspecting the Prope~. Lender shall give Mo~gagor notice at the time of or before an inspection specking a reasonable pu~ose for the inspection. Auy inspection of the Prope~ shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PERFO~. If Mo~gagor fails to perform any dub~ or any of the covenants contained in this Securi~ Instrument, Lender may, without notice, perform or cause them to be performed. Mo~gagor appoints Lender as attorney in fact to sign Mo~gagor's name or pay a~v amouut necessaw for Performance. Lender's right to perform for Mo~gagor shall not create:an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other figltts under the law or this SecuriW Instrument ~ a~v construction on the Prope~ is discontinued or not carried on in a reasonable manner, Lender may t~e all steps necessaD~ to protect Lender's security interest in the Prope~, including completion of the construction. 11. ASSIGNMENT OF LEASES ~D ~NTS. Mo~gagor irrevocably grants, bargains, conveys, moflgages and warrants to Lender as additional securi~ all fl~e fight, 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 Prope~, including any extensions, renewals, modffications 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 tree and correct copies of all existing and futnre Leases, Moflgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in defmfit under the terms of tiffs Securi~ Instrument Mortgagor agrees that this assignmeut is inunediately effective between the partes to Offs Security Instrument Mortgagor agrees that this assignment is effective as to lhird parties when Lender t~es ~mnative action prescribed by law, and that tiffs assigmneut will remain in effect during any redemption period until the Secured Debt is satisfied. Moflgagor agrees that Lender may take actual possession of the property without the necessi~, of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Moflgagor of default and demands that any tenaut pay all ~ture Rents directly to Lender. On receiving ~mtice of defanlt, Mortgagor will endorse and deliver to Lender any payment of Rents in Moflgagor's possession and will receive m[y Rents in trust for Lender and will not conmffngle the Rents with any other funds. ~y amounts collected will be applied as provided in Otis Secufi~ Instrument Moflgagor warrants that ~m default exists under the Leases or a~ky applicable landlorWtenant law. Mo~gagor also agrees to ~naintain and require any tenant to comply with the terms of the Leases and applicable law. · 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Moflgagor agrees to comply with the provisions of any lease ff this Security Instrument is on a leasehold, tf the prope~ is a unit in a Condominium Project or is pa~ of a Planned Unit Development ("PUD"), Moflgagor agrees to the following: EQ150B (06P 08S 455:!. 003 A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constiluent Docnments. The "Constituent Docnmems' are the: (i) Declarmion or any other docmnent which creates the Condominium Projects or PUD and any homeowners association or equiwllent entiiy ("Owners Associa£ion'); (ii) by-hlws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent D ocmnents. . B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blamket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the alnounts, 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 lo maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shah give Lender prompt notice of any lapse in reqnired hazard insurance coverage. In the evem of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the milt 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 Insm'ance. 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 damages, direct or consequential, payable to Mortgagor in com~ection 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 auy Conveyance in lieu of condenmation, 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 abandoument or termination of the Condonfinium Project or PUD, except for abandonment or termination reqnired by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or enfinem dmnain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does n°t pay condonfinium 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 Lender agree to other terms of payment, these anmunts shall bear interest from the date of disbursement at the Secured Debt rate and shall bepayable, 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 paymem when due. Mortgagor will be in default if a breach occurs under the terms of this SeCUrity Instrument 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 ilnpaired shall also constitute an' event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, ff any, Lender may accelerate the Secured Debt and foreclose fids Security Instrmnent in a mmmer provided by law ff Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and char~ges, accrued interest and principal shall become immediately due and payable, after giving notice if reqnired by law, upon the occnrrence 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 docmnents, including :without limitation, the power to sell the Property. All remedies are distinct, cunmlative 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 stun 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 reqnire 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 ff 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 otherwise protecting the Property and Lender's security interest. These expenses will bear imerest from the date of the paylnent 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, e~fforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not linffted to, attorueys' fees, court costs, and other legal expenses. Tiffs amount does not inclnde 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 ill tiffs section, (1) Environmental Law means, without limitation, the Comprel:tensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all olher federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, s~ffe .ty, welfare, euvironment 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 snbstances defined as "hazardous material," "to,dc substances," "hazardous waste" or "hazardous substance" unde,? 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 thai are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and ackuowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Em, ironnmntal Law. C. Mortgagor shall inmmdiately notify Lender if a release or threatened release of a Hazardous Snbstance occurs on, under or about the Properly or there is a violation of ally 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 immediately notify Lender in writing as soon as Mortgagor has reason to believe there is ally pending or threatened investigation, claim, or proceeding relating to the release or fltreatened release of any Hazardous Substance or the violation of any Euviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of ally pending or threatened action, by private or 'public entities to purchase or take any or all of the Property through condenmation, 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 auy 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 tltis Security Instrument. This assigmnent of proceeds is subject to the terms of at\¥ 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. Tiffs insurance shall be maintained in the anmunts and for the periods that Lender requires. The insurance carrier providing the iusurance 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, Leuder 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 reuewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall inunediately notify Lender of cancellation or ternffnation 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 preminms and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insnrance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Uuless othm~vise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of tim 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 poslpone the due date of tim scheduled payment nor change the amount of any paymenL 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 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 reqnired 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 uuder tlffs Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All dnties 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 Properly 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 tltis Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release EQI50D (06/: , Mortgagor from the terms of this Secuhry Instnnnent. The duties and benefits of this Security InstnImem shall bind and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property.' is located, except to tile extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrmnent is conrplete and fully integrated This Security Instn~ment may not be amended of modified by oral agreement. Any section in this Secm'ily Instmmem, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly perndts the variations by written agreement. If an), section of this Security Instnm~ent cammt be elfforced according to its terms, that section will be severed and will not ~fffect the mfforceability of the reInainder of this Security Instmmem. Whenever used, the singular shall include the plural and the plural the singular. The captions aud headings of the sections of this Security Instrument are for convenience onl)~.3nd are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security tnstnunent. In the event any section of this Security Instrument directly colfflicts with auy section of a certain Ho~ne Equity Closing Handbook which contains the Accoum 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 hxstmment, the terms of rite Home Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, auy notice shall be given by delivering it.or by mailiug it by first class mail to the appropriate party's address on page 1 of tkis Security Instrument, or as shown in Lender's records, or to any other address designated m writing. 24. WAIVERS. Except to the extent prokibited 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 this Security Instrament: l-x-l 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 insmuneut will remain in effect until released. [~TZ] Construction Loan. This Security Instnunent secures alt obligation incurred for the construction of alt intprovement on the Property, [hT~ Fixtm'e 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 Instnmtent 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 Cmmnercial Code. ~7X3 Additiomd Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrmneut. The covenants and agreements of each of the riders checked below are incorporated into and Supplement and amend the terms of this Security htstmment. ~ Third Party Rider ~ Leasehold Rider ~-~ Other SIGNATURES: By siglfing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and iu any attaclmtents. Mortgagor also ackuowledges receipt of a copy of this Security Instrument on the date stated on page 1. MORRIS E PIKE GRACE E PIKE Mortgagor Mortgagor Date Date Date Date Date Mortgagor Mortgagor Mortgagor Mortgagor Date OO6 ACKNOWLEDGMENT: (Individual) STAT~ OF \Dyo~ COUNTY OF L.-lnx.o I,t The forqgoiv_g instnunent was acknowledged before me by fids Tt,, day of 5 ~ 4e,,.~gv_4-- Witness my hand and official seal. ( !ofO ce,). My Conmfission Expires: '~?y_y Comml.~,lo~ EapU,., Oct. 24, 20o4 (Seal) A CIG~IOWLED GMENT: (Individual) STATE OF ~4JVO~,~ COUNTY OF L.m co { vt The foregoing instrument was acknowledged before me by this 2_c~ day of Witness my hand and official seal. (S ig~ of Offmer) (Title of Officer) My Conmlission Expires: /0 2.003 (Seal)