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HomeMy WebLinkAbout894851Recordin~ requested by: Wells FaIgo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P O. BOX 31557 B LLINGS, MT 59107 DOCUMENT MANAGEMENT 89l 851 RECEIVED LINCOLN COUNTY CLERK 03 OCT 29 8:56 JEANNE WAGNER State of Wyoming- -Space Above Th.is Line For Rccordhtg Data- REFERENCE #: 20032307000230 ACCOUNT #: 0054-054-00058 MORTGAGE ,b/ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage CSecurity Instrument") is 1 o / 01 ~ 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: KENNETH t CRAM AND APRIL CRAM, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES [] 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 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable cousideration, the receipt and sufficiency of which is acknowledged, and to secnre the Secured Debt (defined below) and Mortgagor's pcrfommnce 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: (Couoty) 300 HEINER-SUTER LANE BEDFORD, WY 831'12 and parcel nnmber of 33180410031000 together ~vith all rights, easements, appurtenances, royalties, nfineral rights, oil and gas rights,' all water and hparian 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 "Property"). MAXl3~[UM OBLIGATION LIMIT. The total principal amount secured by tiffs Security Instrument at any one time shall not exceed $ 58,200.00 . This limitatiou of amount does uot include interest and other fees and charges validly made pursnant to this Security Inslnunent. Also, this limitation does not apply to advances made under the terms of tlds Security Inslrument to protect Lender's secnrity and to perform any of the covenants contained in this Security Instnunent SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated ~ 0 / 01 / 2003 together with all amend~nents, extensions, modifications and renewals, and having a maturity date of 10 / O 1 / 2043 B. All fimtre advances from'Lender to Mortgagor under such evidence of debt. All fi~ture advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a cmmnitment to make additional or future loans or advances which exceed the amount shown in Section 3 Any sucl~ll~fitment must be agreed to in a separate writing. C. Ail sums advanced and expenses incurred by Lender for ~nsuring, 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 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 document that created a prior security interest or encmnbrance 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 ol; nor to request any fim~re 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 reuts, utilities, and other charges relating to the Property when due. Lender may require Ivlortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security 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. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involm~tary, 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 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 Pruperty. 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 pennit any chauge in any license, restrictive covenant or easement without Leuder's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the 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 duty. or any of the covenants contained in tltis Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor'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 tiffs Security Instrmnent. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, iucluding 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 fitture 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 the 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 tiffs Security Instrument. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirmative action prescribed by law, attd that this assig~tment will remain in effect during an), redemption period until the Secured Debt is Satisfied. Mortgagor agrees that Lender may 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 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 will not comnfingle the Rents with any other funds. Pray amounts collected will be applied as provided in 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 law. 12. LEASE}IOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if tlds Security Instnnnent is on a leasehold. If the property is a unit iu 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. Tile "Cons,' :aent Docmnents" are the; (i) Declaration or ally other document which creates the Condominimn Projecls 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. Ht~ard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which 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 ~vithin the term "extended coverage," then Mortgagor's obligation under Section 19 to 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 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 conm~on 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 wlfich is acceptable, as to form, amount and extent of coverage to Lender. 'D. Public Liability Insurance. Mortgagor shall t'ake such actions as may be reasouable to insure that the Owners Association ~naintains a pnblic 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 conseqnential, payable to Mortgagor in commction with any coudemnation or other taking of all or any part of the Property, whether of the unit or of the conunon elements, or for 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 abandonment or termination of the Condo~mnium Project or PUD, except for abandonment or ternfination required by law in the case of substantial destruction by fire or other casual .ty or in the case of a taking by condenmation or eminent do~nain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) terufination of professional management and assumptiou 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 beco~ne additional debt of Mortgagor secured by this Security Instrument Unless Mortgagor and Lender agree ,to other terms :of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting pay~nent 13. DEFAULT. Mortgagor will be in default ff any party, obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occnrs 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 rite' Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also conslitute 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 tiine schedules for foreclosure actions. Subject to these limitations, ff any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law ff Mortgagor is in default. At lhe option of Lender, ail or any part of the agreed fees and charges, accrued interest and principal shall become iuunediately due and payable, after giving notice ff reqnired 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 Leuder is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in pay~nent 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 defanlt :By not exercising any remedy on Mortgagor's defanlt, 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 an)r covenant in this Security Instrument. Mortgagor will also pay on demaud any amount i~Curred 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 frill at the lfigbest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses iucurred by Lender in collecting, e~fforcing or protecting Lenders' rights and remedies under this Security Instrument. This EQI50C (06/2! 2 ':~:i .... :';';';':';¢;~' : 333 amount may include, but is not limited to, attorneys' fees, co'u~ costs, and other legal expenses. This amoum does not include attorneys' fees~for a salaried employee of the Lender. This Security [nstniment shall renmin in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in tiffs section, (1) Environmental Law means, without linfitation, the Comprehensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regnlations, ordinances, court orders, attorney general opinions or interpretive letters coucenfing the public health, safety, welfare, envirmm~ent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollntant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term inchides, 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 quantifies of Hazardous Substances that are generally recog~fized 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 Environmental Law concenfing 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 tkreatened release of any Hazardous Substance or the violation of any Enviromnental'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. Mox~gagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other t~ffdng of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instn~ment. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 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 reqnires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably witlflxeld. 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 Instrmnent. 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 premimns m~d 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. Pray excess will be paid to Mortgagor. ff 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 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 statemem or i~fformation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instnnnent and Lender's lien status on the Property. 21.3OINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instnm~ent 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 Instnunent 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 inay 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 Mongagor's consent. Such a change will not release EQISOD (06 Mortgagor from the terms of tiffs Security Iustrument. The duties and beuefits of tlds 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 iii which the Proper .fy is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. Tiffs Security Instrument is complete aud fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachnlents, 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 agreelnent. If any section of this Security Instrument cammt be mfforced according to its terms, that section will be severed and will not affect the enforceability o£ the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings o[ the sections of this Security Instrument are for convenience only aud are uot to be used to interpret or define the terms of this Security Instrument. Time is of the essence iii tlds Security Instrument. In the eveut auy section of this Security Iustrument directly conflicts with any section of a certain Hmne Equity Closing Handbook which contains the Account Agmemeut Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditious (as applicable), the Arbitration Agreement, aud the Agreement to Provide Flood/Property Iusurance, all of which I agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Uuless 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 this Security Iustrument, or as shown in Lender's records, or to any other address designated iii writing. 24. WAIVERS. Except to the extcut 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 this 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 remain in effect until released. Construction Loan. Tiffs Security Instrument secures an obligation incurred for the construction of an improvement on the Properly. ~ Fixture Filing. Mortgagor grmlts to Lender a secnrity iuterest in all goods that Mortgagor owns now or iii the Future and that are or will become fixtures relates to the Property. This SeciLrity Instnnnent suffices as a financing statement and any carbon, photographic or other reprodnction may be filed of record for purposes of Article 9 of the Uniform Conm~ercml Code. ~ Additional Terms. 26. RIDERS. If checked, the £ollowing 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. [lqT~ Third Party Rider ~ Leasehold Rider ~7~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachinents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. KENNETH L CRAM APRFL ~RAM Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQISOE (06/2 Mortgagor Date 335 ACKNOWLEDGMENT: (Individual) STATE OF ~0~0~,~ COUNTY OF L~[%LO (~X The foregoing instrument was acknowledged before me by I(~,~, rte-4 [t L O/x4..~ this g day of Oc.(-o~.c , '~oo 3 Witness my hand and official seal. (signlt~ of OffiJer) (Titl~ of Offio~ My Commission Expires: (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before ~ne by this -~ day of 0 c4-0~ Witness my hand and official seal. (Signa~Jof Officer) My Commission Expires: ~' JA/IED B. GLEUE4,0TAR¥~UBUC ] Unco~n ~ W,/o.Ung r (Seal) 336 EXHIBIT A A PORTION OF THE NE 1/4 SE 1/4 AND THE SE 1/4 NE 1/4 OF SECTION 4, T33N, Rll8W, OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE REBAR FOUND MARKING A BEND IN THE CENTER LINE OF HEINER - SUTER COUNTY ROAD 12-127, SAID POINT BEING 753.50 FEET N 89 DEGREES 42 MINUTES 04 SECONDS W, ALONG THE NORTH LINE OF SAID NE 1/4 SE 1/4 FROM THE B.L.M. TYPE MONUMENT (SPIKE ON SURFACE) MARKING THE NORTHEAST CORNER OF SAID NE 1/4 SE 1/4; THENCE SOUTH 1,120.95 FEET TO AN IRON PIPE SET; THENCE N 25 DEGREES 58 MINUTES 09 SECONDS W 698.57 FEET TO AN IRON PIPE FOUND; THENCE NORTH 500.00 FEET TO A REBAR FOUND MARKING A POINT IN THE NORTH LINE OF SAID NE 1/4 SE 1/4; THENCE N 0 DEGREES 01 MINUTE 40 SECONDS E 112.44 FEET TO A REBAR FOUND MARKING A POINT IN THE CENTER LINE OF SAID COUNTY ROAD 12-127; THENCE S 70 DEGREES 11 MINUTES 30 SECONDS E, ALONG SAID CENTER LINE 336.68 FEET, TO THE POINT OF BEGINNING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY~