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HomeMy WebLinkAbout895390Recording requested by: Wells Fargo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 69107 DOCUMENI MANAGEMENT BOOK ~4~ PR PAGE RECEIVED LINCOL/'I COUNTY CLERK -State of Wymnh~g . . Space Above This Lh~e For Recording Data REFERENCE #: 20032457400752 ACCOLfNT fi: 0651-651-2068095-1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 10 ! 22 ! 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: ROBERT J. NOSIAJA AND JANENE S. NOSIAJA, HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES 2~ [] If checked, refer to the attached Addendum incoq)orated herein, for additioual Mortgagors their signatures and acknowledgmems. LENDER:Wells Fargo Bank, N.A. P, O. BOX 3155-/ BILLINGS, MT 59107 CONVEYANCE, For good and vahmble consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Securib, Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: THE FOLLOWING DESCRIBED REAL PROPERTY LOCAIED IN IHE COUNIY OF LINCOLN, STATE OF WYOMING, DESCRIBED AS FOLLOWS LOT NO. 1 OF THE TAYLOR FOURTH SUBDIVISION AS FILED AND PLATTED IN THE LINCOLN COUNTY CLERK S OFFICE IN KEMMERER, WYOMING, ALL IN SECTION 18, TOWNSHIP24 NORTH, RANGE 119 WEST, LINCOLN COUNTY, WYOMING. Tile property is located in L I NCOLN at: 248 THOR LN COKEVILLE, WY (%71~'~')14 and parcel number of 12-2419- 18- 1-01-020. together with all rights, easements, apptmenances, royalties, mineral fights, oil and gas rights, all water and riparian rights, ditches, aud water stock and all existing and Mture 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 "Prope~y"). 3. M~IMUM OBLIGATION L~IT. The total principal amomit secured by this Security Instrument at any one time shall not exceed $ 50,000.00 . This liufitation of amount does not include interest and other fees and charges validly made pursuant to this Securi~ Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's securiff and to perform any of the covenants contained in this Securi~ InstrUment. 4. SECU~D DEBT AND FUTURE ADV~CES. The term "Secured Debt" is defined as follows: 0].2 A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 10 / 22 t 2003 together with ,'ill ameudmeuts, extensions, modifications and renewals, and having a maturity date of 10 / 22 t 2043 B. All futUre advances from Lender to Mortgagor under such evideuce of debt. All fixture advances are secured as if made on the date of this Security Instrument. Nothing itl this Security Agreement shall constitute a commitment to make additional or future loans or advances which exceed tile amount shown in Section 3. Any such commitment nmst be agreed to in a separate writing C. All snms advanced and expenses incurred by Lender for insuriug, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under tile terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under tile Secured Debt xvill be paid when due and in accordance with the terms of the Secured Debt and this Security Iustmment. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien docmnent that created a prior security interest or encumbrance ou 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 pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, 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 evideucing Mortgagor's payment. Mortgagor will defend title to the Property agaiust any claims that would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any fights, 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, assigmnent or encnmbrance, whether volunta~3,, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep tile Property in good conditiou and make all repairs that are reasonably necessary. 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 xvritten 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 tile purpose of inspecting tile Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for tile inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor xvill in no way rely on Lender's inspection. 10. AUTItORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in tiffs Security h~strumeni, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Leuder as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform,' and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued ox' not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS.' Mortgagor irrevocably grants, bargains, couveys, mortgages and warrauts to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any other written or verbal agreemeuts for the use and occupancy of any portion of the Property, including auy extensions, renewals, modificatious or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and fi~ture ·Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective betxveen tile parties to this Security Instrument. Mortgagor 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. Mortgagor agrees that Leuder may take actnal possession of the property without tile necessity of connnencing legal actiou and that actual possession is deemed to occur wheu Lender, or its agent, notifies Mortgagor of default and demands that auy tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any paymeut of Rents in 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 in this Security Instrument. Mortgagor wan-ants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with tile terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the p. rovision5 of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condonfinimn 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 Documents. B. Hazard Insurance.' So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD whicb 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 the stuns secured by this Security Instrument, with any excess paid to Mortgagor. C, Flood Insurance. Mortgagor agrees to maintain flood insurance for fhe life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Iusurance. 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 tbe sums secured by the Security Instrument as provided in Section 18. ' F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the 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 Documents 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 (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at file 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 dne. 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 aud 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 anytixne'thereafter. In addition, Lender shall be entitled to all the rmnedies provided by law, the terms of tile Secured Debt, this Security Instrument and any related documents, iucluding without limitation, the power to sell the Property. All remedies are distinct, cmnulative 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 de:fault, 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 Instrunmnt. Mo,-~gagor will also pay on demand any amount incurred by' Lender for insuring, iuspecting, preserving or otherwise protecting il, Prope~y and Lender's security interest. These expenses will bear interest from the date of the payment until paid in :full at the highest interest rate in effect as provided in t!~e terms of thc Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, mfforcing or protecting Lenders' rights and remedies under this Security Instrument. Tlfis amount may include, but is not limited to, attorneys' fees, court costs, and other lega! expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Securily Instrument shall re~nain in effect until released. Mortgagor : agrees to pay for auy recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (13 Enviromnental 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, enviromuent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contanfinant 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" nnder any Envirmunental 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 maintenm~ce of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. Irt such an event, Mortgagor sball 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 threateued 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 condenumtion, enfinent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in auy 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 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, i[ Mortgagor falls to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security 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 and renewals. If Lender requires, Mortgagor shall inunediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Morlgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss il' not made munediately by Mortgagor. Unless othem, ise agreed m xvriting, all insnrance 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 dne date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Propert3r 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 inunediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or i,rfformation 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 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 au evidence of debt, EQ150D (10/: ~ ~ . . Mortgagor does so only to mortgage Mortgagor's interest iu lhe Property to secure payment o£ the Secured Debt and Mortgagor does not agree to be person'ally liable on the Secured Debt. 1£ this Security Instrument secures a guaranty belween Lender and Mortgagor, Mortgagor agrees to waive any rights that may pi'event Lender from bringiug any action or claim against Mortgagor or any Patty'indebted under tile obligatiou. These rights may include, bul are not linfited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in lhe terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor £rotn the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Iustrument is governed by the laws of the jurisdiction in which tile Property is localed, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated This Security Instrument may not be amended of modified by oral agreelnent. Any section in this Security Instrnment, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, uuless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instnunent canuot be enforced according to its terms, that section will be severed and will not affect the enforceability 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 Instrmnent are for convenieuce only and are not to be used to interpret or define the tenus of this Security Instrument. Time is of the essence in this Security Instrument. In the event any section of this Security Instrument direclly 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 lhe 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. Unless otherwise required by law, arty 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 Instrumeut, or as shown iu Lender's records, or to any 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, the following are applicable to lhis Security Iustrmnent: I-X-1 Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secnred Debt may be reduced to a zero balance, this Security Instruu'tent will remain in effect nntil released. ~ Construction Loan. This Security Instrmnent secures an obligation incurred for the construction of an improvement on the Property. ~ Fixtm'e Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fitture and that are or will become fixtures relates to the Property. This Security Instrument suffices as a fiuancing statement and any carbon, photograplfic 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 alnend the terms of this Security Instrument. ~ Third Party Rider [s~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to Ihe terms and covenants contained in this Security Instntment and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrmnent on the date stated on page 1. ROBER'T' J NOS T'KJA Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF Tda. k° COUNTY OF be<it Nge__ The foregoing instrmnent was acknowledged before me by this t~ ~ dayof OC.{obec Mortgagor Date , 8oo~ . Witness my hand and official seal. cer)~ (Title o17 Oflice0 'My Commission Expires: ACKNOWLEDGMENT: (Individual) STATE OF _~T0a~0 COUNTY o~ ~/c Z~ ~ The foregoing instrument was acknowledged before me by ~~ O this ~ dayof ~6~ ~e~ , 200_% Witness my hand and official seal· (Tjlle of Officer) ' My Commission Expires: EQI50F