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HomeMy WebLinkAbout895000Recording requested by: Wells Fargo Bank, N.A. WHEN RECORDED MAIL TO: FIDELITY NATIONAL-LPS P.O. BOX 19523 IRVINE. CA 92623-9523 WFIHE 895000 ?83 RECEIVED LINCOLN COUNTY CLERK 03 l,,'flV .L 10:38 JFANNE ,,v -Stale of Wyonfing · - Space Above This Line For Recording Data REFERENCE #: 20032~2200045 ACCOUNT #: 0~50-~S0-11003~8- 1098 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (,Security Instnnnent") is 10 ! 10 ! 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: ADAM D. WEST AND VALE'TTA A. WEST, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETY [] If checked, refer to the attached Addendmn incorporated herein, for additional Mortgagors their signatures and acknowledDnents. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS., MT 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 following described property: ALL OF THE NE 1/4 SW 1/4 OF SECTION 2-1, T36N, RllOW, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 429 OF PHOTOSTATIC RECORDS ON PAGE 28, LYING SOUTHERLY OF THE CENTERLINE OF SWIMMING POOL COUNTY ROAD NO. 128"i08. The property is located in L I NCOLN at: (Comer0 95 ROBERTSWOLFLEY COUNTY ROAD 1'09 ETNA, WY 83118 and parcel number of 36192-/30032900 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the lhmre be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 58,000. O0 . This limitation of amount does nol include interest and olher fees and charges validly made pursuant to this Security Instrument. Also, this linfitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security lnstmn~ent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQ150A (10,,'2t10%--: ..... · .:yS;,T~T;.:,:r . A. - Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 10 / 10 / 2003 together with all amendments, extensions, modifications and renewals, and having a maturity date of ~ 0 / 10 / 2043 B. All future advances from Lender to Mo~gagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this SecuriB, Agreement shall constitute a commitment to m&e additional or ~ture 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, presemng, or othem, ise protecting the Prope~ and its value and any other sums advanced aud expenses iucurred by Lender under the terms of Otis Securi~ 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 Securi~ Instrument: 6. PRIOR SECURITY INTE~STS. With regard to any other mortgage, deed 0f trust, secufiff agreement or other lien doculnent that created a prior security iuterest or encumbrance on the Prope~y, Mortgagor agrees: A. To m~e all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Moflgagor receives from the holder. C. Not to allow any modification 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, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Properly when due. Lender may require Moflgagor to provide to Lender copies of all notices that such amounts are due and tim receipts evidencing Mortgagor's payment. Mortgagor will defend title to tim Prope~ against any claims that would impair the lien of the Securi~' Instrument. Moflgagor agrees Io assign to Lender, as requested by Lender, any rights, claims or defenses Moflgagor may have against partes who supply labor or materials to maintain or improve tim Property. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h3~othecation, assignment or encumbrance, whether volunta~, involunta~, or by operation of law, of all or any pa~ of the Prope~y or any interest therein, then at its sole option, Lender may, by written notice to Moflgagor, declare all obligations secured hereby immediately due and payable, except to the extent flint such acceleration for and in such paflicular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Moflgagor wilt keep the Prope~ in good condition and m~e all repairs that are reasonably necessaD,. Moflgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Moflgagor will keep the Properly free of noxious 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 pe~it any change in any license, restrictive covenant or easement without Lender's prior written consent. Mo~gagor will not~ Lender of all demands, proceedings, claims, and actions against Moflgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, euter the Prope~ at any reasonable time for the pu¢ose of inspecting the Prope~y. Lender shall give Moflgagor notice at the time of or before an inspection speci~ing a reasonable purpose for the inspection. Any inspection of the ProperB, shall be entirely for Lender's benefit and Mo~gagor will in no way rely ou Lender's inspection. 10. AUTHORITY TO PERFORM. If Mo~gagor fails to perform any duW or any of the covenants contained in this Securi~ Instrument, Lender may, without notice, perform or cause them to be perfomed. Moflgagor appoints Lender as attorney in fact to sign Moflgagor's name or pay any amount necessa~, for performance. Lender's right to perform for Moflgagor shall not create an obligation to perform, and Lender's failure to peffonu will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any.construction on the Prope~ is discontinued or not camed on in a reasonable mauner, Lender may t~e all steps necessau~ to protect Lender's securi~ interest in the Prope~y, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mo~gagor irrevocably grants, bargains, conveys, mo~gages and warrants to Lender as additional securi~ 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 occnpancy of any potion of the ProperW, including any extensions, renewals, modifications or substimtious of snch agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mo~gagor will promptly provide Lender with tree and correct copies of all existing and future Leases. Mongagor may collect, receive, m~joy and use the Rents so long as Moflgagor is not in default under the terms of this Security Ins~ment. Moflgagor agrees that this assignment is immediately effective between the partes to this Security Instnlment. Moflgagor agrees that this assignment is effective as to third parties when Lender takes ~rmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Moflgagor agrees that Lender may t~e actual possession of the prope~ without the necessity of commencing legal action and that actual possession is deemed lo occur when Lender, or its agent, notifies Moflgagor of default and demands that any tenant pay all fi, ute Rents directly to Lender. On receMng notice of default, Mo~gagor will endorse and deliver to Lender any payment of Rents in Mo~gagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with auy other hnds. Any amounts collected will be applied as provided in this Security Instrument. Moflgagor warrants that no default exists under .3aOOO 785 the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant lo comply with the terms of the Leases and applicable law. LEASF. HOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees lo comply wilh 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 tile following: A. Obligations. Mortgagor shall perform alt of Mongagor's obligations under the Constituent Docmnents. The "Constituent Docmnents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity COwners Association"); (ii) by-laws; (iii) code of regulations; and (iv) oilier equivalent documents. Mortgagor shall promptly pay, when due, all dues and assess~nents imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association lnaintains, with a generally accepted insurance carrier, a "master" or "blalhket" policy on the Condo~ninium 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 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 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 rile stuns secured by tiffs Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, 'as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association 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 connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdMde the Property or consent to: (i) the abandonment or termination of the Condominiuln Project or PUD, except for abandonment or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents ff the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) an3' action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. if Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these an~ounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, witli 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 payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of 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 fliis Security Instrument iu 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 priucipal sliall become immediately due and payable, after gMng notice if required by law, upon the occurrence of a default or ansqime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, ire terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the powe[ 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 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 auy amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses wil! bear interest from the date of the payment until paid in full at the highest iuterest rate 'in effect as provided in tim 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 limited to, attorneys' fees, court costs, and other legal expenses. This amonnt does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1)Environmental Law means, ;vithout limitation, Ihe Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means auy toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentiaUy dangerous to thc public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" nnder any Enviromnental Law. Mortgagor represents, warrants and agrees that: A Except as previously disclosed and acknowledged in writiug to Lender, no Hazardous Substance is or will be located, stored or released on or in tile Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for tile normal usc 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 fidl compliance with any applicable Enviromnental 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 an5, Enviromnental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately nolffy Lender in writing as soon as Mortgagor has reason to believe lhere is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of auy 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 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 any award or claim for damages connected wifl~ 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 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 tjqpe and location. This insurance shall be maiutained in the amonnts and for the periods that Lender requires. The insurance carrier providing the insurance shall be choseu by Mortgagor subject to Lender's approval; which shall not be unreasonably withheld. If Mortgagor fails to maintain tile coverage described above, Lender may, at Leuder's option, obtain coverage to protect Lender's rights in the Property accordiug to the terms of this Security InstrUment. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies m~d renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premimns and renewal notices. Upon loss, Mortgagor shall give iminediate notice to the insurance carrier aud Lender. Lender may make proof of loss if not made i~nmediately by Mortgagor. Unless othem, ise 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 cl!ange 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 immediatelybefore the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender fimds for taxes and insurance in escrmv. 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, contilme, and presen'e M0rtgagor'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, EQ150D (10/200'I~ Morlgagbr does so only to mortgage Mortgagor's interest iu the Prope~' to secure paymenl of the Secured 9eb~ and Mo~gagor does not agree to be personally liable on the Secured Debt. If tiffs Security Instrument secures a guarauty belween Lender and Mortgagor, Mongagor agrees to waive any fights that may preveul Lender froln bringing any action or claim against Mortgagor or any par~ indebted under the obligation. These rights ~nay inplude, but are not limited to, any anti-deficiency or oue-action laws. Mortgagor agrees that Lender and any part), to this Security Instr,uneut may extend, modify or m:~e any change in lhe terms of this SecuriB' Instrument or any evidence of debt' without Mongagor's consent. Such a change will not release Mortgagor from the terms of this Securi~, Instmxnent. The duties and beuefits of this Security Instrmnenl shall bmr and benefit the successors and assigns of Mortgagor and Lender. 22. ~PLICABLE LAW; SEVE~BILITY; INTE~TATION. This Security Instrument is governed by the laws of the jurisdiction in wlfich lhe ProperB, is located, except to the extent othem,ise required by the laws of the jurisdiction where the Property is located. This Security Instrument is colnplete and fully integrated. This Security Instrument may not be amended of modified by oral agreemeut. Any section in this Security Instrument, attachments, or auy agreement related to the Secured Debt that coMlicts with applicable law will not be effective, unless flint law expressly or impliedty pennils the variations by wfitlen agreement, ff any section of this Security Instrumeut cannot be e~orced according to its terms, that sectiou will be severed and will not Mfect the mfforceability of the remainder of this SecufiB, Iustrument. Whenever used, the singular shall include the plural and the plural the sin~flar. The captious and headings of the sections of this SecunB, Instrument are for convenience. tuffy and are not io be used lo inte~ret or define the terms of this Security Instrument. Time is of the essence in lhis Secnrity instrmnent. In lhe event any section of this Security Instm~nent directly cmffiicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed ~te Nole Temps and Conditions (as applicable), the Arbitration Agreement, and the Agreement Io Provide FlooWProper~ Iusurance, all of which I agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless othenvise 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 Iustmment, or as shown in Lender's records, or to any other address designated in writing. 24. WA~ERS. Except to the exqent prohibited by law, Mo~gagor 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 Security Instrument: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. ~though the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect nntil released. ~ Construction Loan. This Securi~ Instrument secures an obligation incu~ed for the construction of an improvement on the ProperS. ~ Fixture Filiug. Mortgagor grants to Lender a secufi~ interest in all goods that Mortgagor mvns now or in the fim~re and that am or will become fixtures relates to the Prope~,. This Security Instrument s~ces as a financing statement and any carbon, photographic or other reproduction may be filed of record for pu~oses of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. ~DERS. ~ checked, the following are applicable to this Sectm~ Instrument. The covenants and agreements of each of the riders checked below are incorporated into and suppleinent and amend the terms of this Security Instrument. ~ Third ParD' ~der ~ Leasehold ~der ~ Other EQI50E (10/2(!&3,~ !;:D,:~:~,.i:~.i:: . :iiI SIGNATU,RES: By signing below, Mortgagor agrees to the lerms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a cop), of this Security Instrmnent on the date stated on page 1. A~)AM D WEST Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The fore~oin~,instrument was ack~nmvledged before me by this ;~) ~ day of My Commission Expires: ACKNOWLEDGMENT: (Individual) STATE OF Wyl~ ~ /]~ COUNTY o~ i_, ~J e o z_/~ The foregoing,i,nstrument was acknowledged before me ~ il,is / U~ day of ~C~/~ My Commission Expires: ~-W~~~ EQISOF (10/200'~ Mortgagor Date , ~7oo. 5 . l~coln ~al) Wyoming