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HomeMy WebLinkAbout895220Recording requested by: Wells Fargo Bank, Wells Fargo Bank, N.A. P. O. BOX 31657 DOCUMENT MANAGEMENT RECEIVED LINCOLN COUNTY CLERK 03 f.!OV I* ..,n q: 1 0 ---State orWyomb~g . . REFERENCE #: 200327B-/000404 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date DE this Mortgage CSecurity Instrument") is 10 ! 14 ! 2003 and the parties, their addresses and tax identificatiou numbers, if required, are as follows: MORTGAGOR: VINCENI J. OUINTA AND DEBORAH A. GUINTA, HUSBAND AND WIFE Space Above This Lfme For Recordi,ff Data ACCOUNT fl: 0~54-~54-0773131-0001 [] If checked, refer to the attached Addendum. incorporated herein, for additional Mortgagors their signatures and acknowledgurents. LENDER: Wells Fargo Bank, N,A. P. O. BOX 3155-/ BILLINGS, MT 5910-/ CONVEYANCE. For good and valnable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) aud Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender. with power of sale. the following described property.: PARCEL ~55 OF THE 1942 REPLAT OF THE TOWN OF DIAMONOVILLE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFIC AL PLAT THEREOF. The property is located in t NCOLN at: Countv~ 26 LITTLE CANYON RD DIAMONE~VIELE WY 83116 and parcel number of 21162340603400 together with all righls, easements, appurtenances, royalties, mi,eral rights, oil and gas rights, all water and ripariau rights, ditches, and water stock aud all existing and future improvements, structures, fixtures, and replacemeuts that may now or at any time in the fi~ture be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ ~5,000. O0 . This limitation of amouut does'not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not' appb' to advances made under the terms of this Securi .ty Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissoB' note, revoMng line of credit, contract, guaranty or oflmr evidence of debt da~ed ~ 0 / ~ 4/'200B togefl~er wifl~ aH amendmeats, extensions, modificatioas and renewMs, and having a mat~rily date of ~ 0 / 22 / 20 ] 9 B. All ~ture advances from Lender to M~gagor under such evidence of deM. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constilute 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, presen, ing, or othenvise protecting the Prope~ and its value and any other sums advanced and expenses incurred by Lender under the terms of this SecuriB, Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid wlien due and in accordance with the terlns of the Secured Debt and this Security Instrument. 6. P~OR SECURITY INTE~STS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior securi~ interest or encumbrance 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 Mo~gagor receives from the holder. C.' Not to allow any modification or extension of, nor to request any hture advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLA~S AGAINST TITLE.' Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender ~nay require Morlgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mongagor's payment. Mortgagor will defend title to the Prope~, agaiust any claims that would impair the lien of the Security Instnunent. Mortgagor agrees lo assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maiutain or impf0ve the Property. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h59othecation, assignment or encumbrance, whether volunta~, involuntaD,, or by operation of law, of all or any part of the ProperB, 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 exlent 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~TIONS AND INSPECTION. Mortgagor will keep lhe Prope~' in good condition and make all rePairs that are reasonably necessao,. Mortgagor shall not commit or allow any 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 occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written conseut. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Moagagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the ProperW at any reasonable time for the pu¢ose of inspecting the Property. Lender shall give Mo~gagor notice at the time of or before an inspection speci~,ing a reasonable purpose for the inspection. Any inspection of tl~e Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PE~ORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Moflgagor appoints Lender as attorney in fact to sign Mongagor's name or pay any amount necessaD, for performance. Lender's right to perform for Mo~gagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercisiug any of Lender's other rights under the law or this Security Instrument. ~ any construction on the ProperB, is discontinued or not carried on in a reasonable manner, Lender may take all steps necessaD, to protect Lender's security interest in the Property, including completion of lhe construction. 11. ASSIGNMENT OF LEASES ~D ~NTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and wa~ants to Lender as additional security all the right, title and to any and all existing or ~ture leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, inodifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with tree and correct copies of all existing and ~ture Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not m default uuder the terms of this Security Instm~nent. Mortgagor agrees that fins assignment is immediately effective between the parties to this Security Ii~stmment. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until lhe Secured Debt is salisfied. Mortgagor agrees that Lender may t~e actual possession of the property wi0mut the necessiW 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 ~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any pay~nent of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not cmm~ngle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mo~gagor warrants that no defimlt exists under the Leases or any applicable landlord/lenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of~ the Leases and applicable law. 12. LEASEttOLDS; 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 Conslituent Documents. The "Constitnent Documents" are the: (i) Declaration or any other document which creates the Condominium Prqiects or PUD and any honreowncrs 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. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condo~ninium Project or PUD which is satisfactory to Lender and which provides insurance coverage iii 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 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 lnstrmnent, 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 Liahility Insurance. Mortgagor shall take snch actions as may be reasonable to insure that the Owners Association maintains a public liabilit5~ 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 couscquential, 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 iii 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 Instnunent as provided iii 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 snbdivide the Property or consent to: (i) the abandonment or terinination 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 condenmation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if file provision is for the express benefit of Lender; (iii) termination of professional mauagement 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 condominium or PUD dues and assessments when due, then Lender may pa5' them. Any amounts disbursed by Lender under this section shall beconre additional debt of Mortgagor secured by this Security lnstnunent. 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 payment. 113. DEFAULT. Mortgagor will be iii dehult 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, secnrmg or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecnre 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 Ihe right to cure or other notices and may establish time schedules for l'oreclosure actions. Subject to these limitations, if any, Lender may 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 an}, part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, ~ter giving notice if required by law, upon the occurrence of a defanlt or anytime thereafter. Iii 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 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 Secnred Debt ~ffter 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 cnre of any existing defanlt. 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 coutinues 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 Instrmnent. Mortgagor will also pay on deznand any amount incurred by Lender for insuring, inspecting, preserving or othenvise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at thF 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 amonnt may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrulnent 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, (13 Environmental Law ~neans, without li~nitation, the Co~nprehensive Environmental Response, Compensatiou 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 concenfing the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactwe or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviroument. The term includes, withont 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 ever), tenant bare been, are, and shall re~nain in full compliance with any applicable Enviroumental 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 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 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 chmns. 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 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 mai', at Lender'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 imxnediately 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 m writing, all insurance proceeds shall be applied to tile restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. An), applicatiou 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 tile 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, an), financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instnnnent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrmnent are joint and individual. If Mortgagor signs this Security Instrument bnt does not sign an evidence of debt, EQI50D (10/~' .... ~ ~':-: ' .... ~ JL J' :.,'::c,:.!4,:~:.. ? Mortgagor does so only to mortgage Mortgagor's interest in tim Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on Ihe Secured Debt. If this Security Instnnnent 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 obligalion. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor.agrees that Lender and any party to this Securitx' 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 this Securi~, Instmmeut 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 other~vise required by the laws of the jurisdiction where the Property is located. This Secnrity Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, atlachlnents, or an3' agreelnent related to tile Secnred Debt that couflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instruloent cannot be e~fforced according to its terms, tlmt section will be' severed and will not affect the enforceability of lhe reruainder of this Securil~, Instrument. Whenever nsed, the singular shall include the plnral and the plural the singular. The captions and headings of tile sectious of this Secnrity Instrument are for couvenience only and are not to be used to interpret or define the terms of this Securitx~ Instrument. Time is of the essence in this Security Instrument. In the event any section of this Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreemeut Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement lo Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrument, the terms of the Honre EquiB.~ Closing Handbook shall control. 23. NOTICE. Utfless otbem, ise 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 Instrument, or as shown in Lender's records, or to an), other address designated in 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 TERMS. If checked, tile following are applicable to this Securi .ty 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 Instnnuent will remain in effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~-I Fixture Filiug. Morlgagor grants to Lender a security interest iu all goods that Mortgagor owns now or in tile furore and that are or will become fixtures relates to tim 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 cbecked, the following are applicable to this Security Instmnmnt. The covenants and agreements of each of the riders checked below are incorporated into and snpplemeut and amend the terms of this Security Instrument. V/Xl Third Party Rider · F/al Leasehold Rider N-k-] Other EQI50E (IO/?'~"': SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instm~nenl and in an), attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. Mortgagor Dale Mortgagor ' / Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (IndMdual) STATE OF (./(.z/(~]~' Thethis foregoing/~[ '~/linstmment'' day ofWas ac(~dged. . before me by (S~a~.ure ofOmceO,//' My Commission Expires ACKNOWLEDGMENT:'. (Individual) STATE OF CO~TY OF The foreggipg ,i~istrument was ack~edtged before me by this [Wf~//), day of(~ · Witness my hand and offioial seal.] (Titll~ o~flicer) 1~ ~ My Commission Expires: ~[~[L EQ150F (10/2naa~ Mortgagor Date (Seal) (Seal)