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HomeMy WebLinkAbout895029Recording requested by: Wells Fa]:go Bank, N.A. RECEIVED LINCRfLN Ct)UNTY CLERK When recorded return to: Fargo N.A. 8 9 5 0 2 9 aa l r)v -S P O. BOX 3155 JEANNE B LLANOS, MT 59103 DOCUMENT MANAGEMENT B~K~'~,~ JRPAO~ "~ q State ol'XVyon~lg . Space Above This Line Fol. Recording Data REFERENCE f: 20032707200096 ACCOUNT fi: 0651-651-2021064- 1998 MORTGAGE (With Fntnre Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 10 / 10 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: MICHAEL D. NORMAN AND DIANE BRESTER-NORMAN, HUSBAND AND WIFE, AS TENANTS BY THE ENTIREflES 2° [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors tlieir signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P. O. BOX 31553 BILLINGS, MT 59107 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 perfommnce nnder this Security Instmn~ent, Mortgagor grants, bargains, conveys~ mortgages and warrants to Lender, with power of sale, the following described property: LOT 76, PRATER CANYON ESTATES, UNIT 4, AS SHOWN BY IHE OFFICIAL PLAT OF SAID SUBDIVISION FILED JULY 0, 1970 AS FILING NO. 423838 IN THE OFFICE OF THE COUNTY CLERK OF LINCOLN COUNTY, WYOMING The property is located in L I NCOLN at: §2 AZTEC DRIVE THAYNE, WY (~°~'t~7 and parcel number of 12-3519-25-1-04-044. O0 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas fights, all water and riparian rights, ditches, and water stock and all existing and futura improvements, structures, fixtures, and replacements that may now or at any time in the fi~ture be part of the real estate described above (all referred to as "ProperS"). M~UM OBLIGATION L~IT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 95,000.00 . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Securiq, Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrmnent to protect Lender's securi~ and to perform any of the covenants contained in this Securi~ Instrument. SECU~D DEBT AND FUTU~ 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 l 0 / 10 / 2003 together with all amendments, extensions, modifications and renewals, and having a maturity date of 1011012043. J' B. All future advances from Lender to Mortgagor under such evidence of debt. All fliture advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a co~nmitment to make additional or future loans or advances which exceed the alnount shown in Section 3. Any such conunitment must be agreed to in a separate writing. C. All stuns advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of tlfis 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 auy other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance oil the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pa), all taxes, assessments, liens, encumbrances, lease payments, ground reuts, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor agrees to assigu to Leuder, as requested by Lender, an), rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrauce, whether voluntaD,, involuutary, 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 writteu notice to Mortgagor, declare all obligations secured hereby i~mnediately due and payable, except to the extent that · such acceleration .for and m 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 cond-ition aud make all repairs that are reasonably necessary. Mortgagor shall not commit or allow an), waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupaucy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive coveuant or easement without Lender'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 wa5, rely oil Lender's inspection. 10. AUTHORITY TO PERFORM. ff Mortgagor fails Io perform ail), duty or any of the'covenants contained in this 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 ally amount necessary for performance. Lender's right to perform for Mortgagor shall uot create ail obligatiou to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under thc law or this Security Instrument. ff any construction.on the Property is discontinued or not carried on in a reasouable Inanuer, Lender may take all steps necessary to protect Lender's security interest iu the Property, including completion of the constructiou. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grauts, bargains, com'eys, mortgages aud warrants to Lender as additional security all the right, title and to any and all existiug or fixture leases, subleases, aud auy other written or verbal agreeinents for the use aud occupancy of any portion of the Property, includiug an), extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, isstles and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true aud correct copies of all existing and future Leases. Mortgagor may collect, receive, eujoy 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 inunediately effective between the parties to tiffs Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes ,~rmative actiou prescribed by law, and that this assigument will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Leuder may take actual possession of lI~e property withou! 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 auy tenant pay all fi~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents iii Mortgagor's possession and 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 iii this Security Instrument. Mortgagor warrants that no default exists under 8 6 the Leases or an), 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. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTs. Mong,~or a'grees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is a Unit in a Condominimn 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 regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Docmnents. . B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blaaket" 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 within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage ou the Property is deemed satisfied to tlie 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 m 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 ~naintain flood insnrance for the life of the Secured Debt wliich is acceptable, as to form, amonnt 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 cmnmon 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 Securit), 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 abandomnent or termination of the Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Docnments if the provision is for the express benefit of Lender; (iii) terminatiou of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominimn 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 Instrumeut. Unless Mortgagor and Lender agree to other terms of payment, these amonnts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, npou notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor Will be in default if any part), obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of tiffs 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 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 auy, Lender ~nay accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafler. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Secm'ity Instrument and any related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance bY Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to 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 defimlt 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 ff Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspectingTpr~se~ing Or otherwise protecting the Property and Lender's secnrity interest. These expenses will bear interest from the date of lhe payment 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 linfited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried e~nployee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees t° pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES.. As used in this section, (1) Enviro~hnental Law means, without limitation, the 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 any toxic, radioactive or hazardous ~naterial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any 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 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 occnrs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall 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 Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatene~l action, by private or public entities to purchase or take any or all of the Property through condemnation, enfinent 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 conde~nnation 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 type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the' coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property a~cording 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 inuuediately 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 ff not made i~nmediately 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 schednled 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. Unless otherwise provided in a separate agree~nent, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender ma3' 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 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 tlfis Security Instrmnent but does not sign an evidence of debt, EQI50D (I0/~, :': Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure pay~nent of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a gnaranty between Lender and Mortgagor, Mortgagor agrees to'waive any rights that may prevent Lender from bringing an½'action or claim against Mortgagor or any part), indebted under the obligation. These rights may include, but are not limited to, any anti-deficieucy or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of tlfis 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 in Which the Property is located, except to the extent othenvise required by the laws of the jurisdiction where the Property is located. This Security Instnunent is complete and fully integrated. This Security Instrument may not be amended Of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly pernfits the variations by written agreement. If any section of tltis Security Instrument cannot be e~fforced according to ,its terms, that section will be severed and will not ,'fffect the e~fforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instn~ment are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrmnent. In the event any section of this Security Instrument directly cmfflicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Uuless 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 Instnnnent, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regai:ding 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 nntil released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. MOrtgagor grants to Lender a security interest in all goods that Mortgagor or,ms now or in the fi~ture and that are or will become fixtures relates to the Property. This Security Instrument 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 Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following 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. ~ Tldrd Party Rider ~ Leasehold Rider ~ Other SIGNATURES: attachments. MICHAEL D NORMAN By s~gning below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. Mortgagor Date Mortgagor /o//o/o Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF The foregoing instrument was ack, cgwledged before me by this/f9 day or ((~__~ - '~m"'~..4 0-~_~ Mortgagor Date Wi~sZ hand and omcial seal. (Si~ature of Officer) r (Ii 0f Officer) MY Comnfission Expires: ACKNOWLEDGMENT: (Individual) ~ STATE OF The foregoing iy~.stmment was acknowledged before me by this //ta)~ F-//, day of ' (Signalure of Officer) (Title of Officer) ,/ My Conmfission Expires: CHRISTINE ~. MILLS NOTARY PUBUC. STATE OF ~425 East 7800 South Salt Lake City, UT 8412