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HomeMy WebLinkAbout894961:'::::5::: . '::': Recording requested by: Wells Fargo Bank, N.A. RECEIVED ~LiNCOLN COUNTY CLERK WhenWellsrecordedFargoreturnBank,to: N.A. P. O. BOX 31553 BILLINGS, MT 591O3 ,IEANNE__ State of Wyondng . . Space Above This Line For Recordh~g Data REFERENCE #~ 2003248-1000~ 15 ACCOUNT MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 10 / 09 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: VAL DEE SWENSON AND RUTH P. SWENSON, HUSBAND AND WIFE, BY THE ENT I RET I ES [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wetls Fargo Bank, N .A. P. O. BOX 31557 BILLINGS, MT 59103 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured D~t (defined below) aud Mortgagor's per, finance under this Security Instrument, Moflgagor grants, bargains, conv~,s, mortgages and warrants to Lender, with power of sale, the ~llowing described properS: ALL.THAT CERTAIN TRACT, LOT, PIECE, AND PARCEL OF LAND SITUATE IN OSMOND, COUNTY OF LINCOLN, STATE OF WYOMING, AND DESCRIBED AS FOLLOWS, TO-WIT LOT NO. 4 OF HAPPY VALLEY ESTATES SUBDIVISION, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS BEGINNING AT A POINT LOCATED NORTH 0 DEGREES 05 MINUTES EAST, 354.g FEET AND NORTH 89 DEGREES 34 MINUTES EAST 535 FEET FROM THE SOUTHWEST CORNER OF SECTION 3, TOWNSHIP 31 NORTH, RANGE 118 WEST OF THE 6TH P.M., WYOMING AND RUNNING THENCE NORTH 89 DEGREES 34 MINUTES EAST 165 FEET, THENCE SOUTH 0 DEGREES 05 MINUTES WEST 181.5 FEET, THENCE SOUTH 89 DEGREES 34 MINUTES WEST 165.0 FEET, THENCE NORTH 0 DEGREES 05 M NUTES EAST 181.5 FEET TO THE POINT OF BEGINNING. 3o The property is located in L I NCOLN at: 325 HAPPY VALLEY LN AFTON, (~,ty) 831109311 and parcel number of 3118 03 303 03400 together with all rights, easements, appnrtenances, royalties, mineral rights, oil and gas rights; all water and riparian }ights, ditches, and water stock and all existing and furore 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 Securitylnstrument at any one time shall not exceed $ 25,000.00 . This limitation of amouut does not include interest and other fees and charges validly made pursuant to this Security Instrumeut. Also, this limitation does not apply to advances ntade under the terms of this 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: EQISOA (10/2003) A. Debt incurred nnder the ter~n$ of the pronds$ory note~ revolving line of credit, contract, guaranty or o~her evidence of debt dated 10 / 09 / 2003 together with all amendments, extensions, ~nodifications and renewal s, and having a maturity date of ~ 0 / 09 / 2043 B. All ~ture advances from Lender to Mo~gagor under such evidence of debt. All future advances are secured as if made on the date of Otis SecuriW Instrument. Nothing in this Security Agreement shall constitute a co~nitment to m~e additional or ~ture lo~s 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, prese~ing, or othe~se protecting the Property and its value and any other sums advanced and expenses incu~ed by Lender under the terms of tiffs Securi~ Instm~nent. 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 Securi~ Instrument. 6. P~OR SECURITY INTE~STS. With regard to any other moflgage, deed of trust, securi~ agree~nent or other lien document that created a prior security interest or encumbrance on the Property, Mongagor agrees: A. To m~e all payments when due and to perfo~ or comply with all covenants. B. To promptly deliver to Lender any notices that Moflgagor receives from the holder. C. Not to allow any modffication or extension of, nor to request any ~ture advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Moflgagor will pay all taxes, assesslnents, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Prope~, when oue. Lender may require Mortgagor to provide to Lender copies of all notices that snch amounts are due and the receipts evidencing Mongagor's payment. Mongagor roll defend title to the Property against any claims that would impair the lien of the SecuriB~ Iustmment. Mo~gagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mo~gagor may have'against pa~ies who supply labor or matefi~s to maintain or improve the Properly. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, tr~sfer, hypothecation, assignment or encumbrance, whether voluntaD,, involunta~, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender ~nay, by written notice to Mo~gagor, 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, ALTE~T1ONS AND INSPECTION. Moagagor will keeP the Property in good condition and make all repairs that are reasonably necessao,. Mo~gagor shall not commit or allow any waste, impairment, or deterioration of the Prope~. Mo~gagor will keep the ProperW free of noxious weeds and grasses. Mo~gagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mongagor will not permit any change in any license, restrictive covenant or easmnent without Lender's prior written consent. Moflgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any lossor damage to the ProperW. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the pu¢ose of inspecting the Property. Lender shall give Moflgagor notice at the ti~ne of or before an inspection specking a reasonable pu~ose for the inspection. ~y inspection of the Property shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PE~OI~. If Mo~gagor fails to perform any du~ or any of the covenants contained in this Securi~ Inst~ment, Lender ~nay, without notice, perform or cm~se them to be performed. Mo~gagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any a~nonnt necessao~ for performance. Lender's right to perform for Mortgagor shall not creale 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 Securi~~ Instrument. If auy construction on the Propeffy is discontinued or not carried on in a reasonable manner, Lender may t~e all steps necessa~ to protect Lender's securi~ interest in the ProperS, including completion of thc construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mo~gagor irrevocably grants, bargains, conveys, moflgages and warrants to Lender as additional securiB' 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 potion 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 t0 as "Rents"). Mortgagor will promptly provide Lender with tree and correct copies of all existing and ~ture Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the tertns of this Security Instrument. Moagagor agrees that this assignment is immediately effective between the pa~ies to this SecuriW Instmlnent. Moagagor agrees that this assigmnent is effective as to tlfird parties when Lender t~es ~mative action prescribed by law, and that this assigmnent will re~nain in effect during any redemption period until the Secured Debt is satisfied. Mo~gagor agrees that Lender may t~e actual possession of the prope~, without the necessiB, of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mooeagor of default and demands that any tenant pay all furore Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payinent of Rents in Mo~gagor's possession m~d will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be' applied as provided in tiffs SecuriW Instrument. Mortgagor warrants that no default exists under 12. 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. 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 the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of rebmlations; and (iv) other equivalent documents. Mortgagor shall promptly pa3,, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Httzard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condondnium Project ~r PUD which is satisfactory, to Lender and which provides insurance coverage m 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 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 tbe 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. Pnblic 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 an)' 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 Instnnnent 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 abandoxm~ent or termination of the Condo~ninium Project or PUD, except for abandomnent or termination required by la,,' in the case of snbstantial 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) termination of professional management and assumption of self- management by the Owners Association; or (ix,) 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 pa)' 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 oilier terms of payment, these amounts shall bear interest fromthe 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 ou the Secured Debt or that tim prospect of any payment or the value of the Property is impaired Shall also constitute an event of defaolt. 14. REMEDIES ON DEFAULT. In stone 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 Secnred Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or an), 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. Iii, addition, Lender shall be entitled to all the rmnedies 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, culnnlative and not exclusive, and 1he Lender is entitled to all remedies provided at lmv or equity, whether or not expressly set forth. Tim 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 an3, existing default. By not exercising any rmnedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. EQlS0C (10/2003) 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 an3' 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 paymeut until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not iuclude 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) Environmental Law means, without li~nitation, the Comprehensive Enviromnental 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 dangerons to the public health, safety, welfare or environment. The term includes, without li~nitation, an), 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 m writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with an5' applicabl,, 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 xvith 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 Substauce 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. 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 this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien documeut. 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 unreasouably withheld. Il'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 tlfis Security Instrument. All insurance policies and renewals shall be acceptable tc 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. An), 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 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. Uuless 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 i~fformation Lender may dee~n reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, coutinue, 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 nnder this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ 150D (10/2:: ~ ~ : ::::!?,::!:; . Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payinent of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Securi~ Instnunent secures a guaran~ 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. Moflgagor agrees that Lender and any part), to this Securi~ Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mo~gagor's consent. Such a change will not release Mortgagor from the terms of this SecufiB~ Instmmeut. The duties and benefits of tlfis Secuhty Instrument shall biud m~d benefit the successors aud assigns of Mo~gagor and Lender. 22. ~PLICABLE LAW; SEVEI~BILITY; INTE~TATION. This Securi~ Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othem, ise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and ~lly integrated. Tlfis Secufi~ Instrument may not be mnended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to rite Secured Debt that co~ffiicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Securi~ Iustmu~ent caunot be e~orced according to its terms, that section will be severed aud will not affect the mfforceabili~ of the remainder of this Securi~ Instrument. Whenever nsed, the siugular shall include the plural aud the plural the singular. The captions and headings of the sections of this Secun~ Instrument are for convenience only and are not to be used to inte~ret or define the terlns of this Securi~ Instrument. Time is of the esseuce in rids Securi~ Instrmnent. In the event any section of this Security Instrument directly co~ffiicts with any section of a ce~aiu Ho~ne Equi~ Closing Handbook which contains the Accouut Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Floo~ropefly Insurauce, all of which I agree to by signing this Securi~ Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. U~fless othenvise required by law, any notice shall be given by delivering it or by totaling it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated iu 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 TE~S. If checked, the following are applicable to this Securi~ 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, tiffs Securi~ Instmmeut will remain in effect until released. Constl~ction Loan. This Securi~ Instrument secnres an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Moffgagor grants to Lender a securiB' interest in all goods that Moflgagor owns now or in the fu~re and that are or will become fixtures relates Io the Prope~~. This Securi~ Instrument sfffices as a financing statement and any carbon, photographic or other reprodnction may be filed of record for purposes of Article 9 of the Unifom~ Cmnmercial Code. ~ Additional Terms. 26. ~DERS. If checked, the following are applicable to this SecuriB' 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 Par~ ~der ~ Leasehold ~der ~ Other EQ150E (10/2003) SIGNATURES: attachments. By signing below, Mortgagor agrees to the terms and covenants contained in this, Security Instrument and in any Mortgagor also acknowledges recmpt of a copy of this Security Instrument on the date stated on page I. RUTH P SWENSON Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF [AJ y_,~,b iM.. t:1 COUNTY OF ],-,.;' tl, r_O[ f} The foregoing instrument was acknoxytedged before me by this OCt~\ day of (r) C,.~_.5£rhr. Mortgagor Date Witness ~y h ~ ~cial seal. i My Coitlmission Expires: ACKNOWLEDGMENT: (Individual) STATE OF country The foregoing instrument was acknowledged before me by this C(r~x day of _Dr.~ ~ Witness m~ han/~ai[d~O[fficial seal. (Title of Off c~erf b'"~ ~X~ [t--~~, m . ion xpire :